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EUR/GBP building upside momentum after soft GBP
Forex
Economic
Summary:
EUR/GBP is trading around ~0.8685–0.8690, extending its recovery for the third consecutive session, with fresh Eurozone data showing better-than-expected labor market and producer prices underpinning the euro and weighing on the British pound...
Buy
PENDINGEURGBP
EXP
0.86950
Entry Price
0.87550
TP
0.86600
SL
0.86788 +0.00058 +0.07%
--
Point
PENDING
0.86600
SL
CLOSING
0.86950
Entry Price
0.87550
TP
Overview
EUR/GBP has staged a modest rebound off recent lows around 0.8657, with current prints showing levels around 0.8685–0.8691 intraday as the euro benefits from stronger Eurozone economic indicators and the pound’s underperformance against broader currencies. Today’s upbeat Eurozone unemployment and producer prices surprised to the upside, lifting sentiment for the single currency and contributing to euro strength versus the pound.
At the same time, sterling has shown signs of caution in recent sessions, weakening against major benchmarks due to MUCH weaker services data in the UK and diminishing risk appetite driving GBP outflows. Recent Reuters reports indicate sterling’s near-term weakness versus the U.S. dollar, which often correlates with pressure on GBP in cross rates such as EUR/GBP.
These mixed drivers have created an intraday structure where EUR is gaining relative strength while GBP hesitates a classic environment where tactical buyers can look for upside continuation once dynamic resistance is taken out.
Market sentiment
Sentiment on the M15 timeframe is becoming increasingly constructive for EUR/GBP. Price has moved higher over the past three sessions, reflecting buyers stepping in on dips and rejecting lower levels near intraday support. With broader positioning showing more traders leaning long on EUR/GBP (sentiment data shows approx. 65 % of traders on the long side), there is palpable demand for euro strength near key zones.
The presence of stronger Eurozone indicators including unemployment contracting and producer prices rising also feeds into short-term bullish bias as markets react to macro data rather than technical positioning alone.
Technical analysis
On M15, EUR/GBP has maintained momentum above recent intraday low pivots and is approaching resistance near 0.8700, an area that aligns with intraday supply and psychological levels.
Bollinger Bands (20,0,2): The price is riding near the upper band following recent strength. If EUR/GBP clears the upper band with a convincing close above the mid-band and holds above 0.8700, it would suggest short-term control by buyers and potential further upside.
Ichimoku (9,26,52): Price above the Kijun and cloud on M15 indicates short-term equilibrium favoring buyers; sustained closes above the dynamic cloud resistance would validate upside control.
Stoch (5,3,3): Stochastic oscillators are not in overbought extremes and can support additional upside if a bullish crossover extends and price continues to climb.
Key intraday zones:
Immediate resistance: 0.8700–0.8720 break and hold above this zone confirms tactical buyers.
Support pivot: 0.8665–0.8675 dynamic pivot where buyers have previously defended price.
Trade recommendation
Entry: 0.8695
Take Profit: 0.8755
Stop Loss: 0.8660
Risk Warnings and Investment Disclaimers
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