FX forecast / EUR/GBP / Our expectations
The pair is moving in long-term wide consolidation. The price reached a few times the resistance and the support, but did not managed to break above or below the zones, which makes them strong. At the moment, the price is at the horizontal resistance and FiBo 38.2. Fake breakout of the zone of support and afterwards the price goes below again - negative signal. Technical indicator: CCI(50) - In zone of overbought, if breaks below level 100, the negative sentiment will strengthen.
Alternative scenario: If the price breaks above the zone of support, the pair will exit from the consolidation and the negative scenario will be dismissed.
Trader Bozhidar Arabadzhiev
25 Canada Square, Level 33, office 50, Canary Wharf London, E14 5LQ +44 20 3608 6256
World Financial Markets - 0700 17 600 Varchev Exchange - 0700 115 44
Varchev Finance Ltd is registered in the FCA (FINANCIAL CONDUCT AUTHORITY) with a passport in the United Kingdom: FCA, United Kingdom - registration number: 494 045, which allows provision of financial services in the United Kingdom.
Varchev Finance Ltd strictly comply with the statutes of the European directive MiFID (Markets in Financial Instruments). targeting increased efficiency, transparency and uniformity of financial instruments.
Varchev Finance Ltd is authorized and regulated by the Financial Supervision Commission - Sofia, Bulgaria: License number RG-03-02-05 / 15.03.2006
The information on this site is not intended for distribution or use by any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 63,41% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.