Facebook Twitter Instagram
    Monday, May 23
    Facebook Twitter LinkedIn Telegram YouTube
    SimpleFX Blog
    Banner
    • Home
    • News
    • Tutorials
    • Updates
    • Opinion
    • Trading Academy
    • Trading Schedule
    SimpleFX Blog
    Home»Analysis»EURGBP Trend Facing Upcoming Rate Hikes
    Analysis

    EURGBP Trend Facing Upcoming Rate Hikes

    Zach WrightBy Zach WrightMay 4, 2022Updated:May 4, 2022No Comments2 Mins Read
    Facebook Twitter Pinterest LinkedIn Tumblr Email

    The current structure of the EURGBP currency suggests the construction of a large bullish trend that moves within the green channel.

    SimpleFX EURGBP Chart Analysis: May 4, 2022.

    The price touched the upper green line at the end of March, but the bulls failed to break through it; it pushed off and continued its downward movement. The price fell to the lower green line in a couple of weeks, but it went up again. The last ascending section of the chart describes a yellow channel.

    Currently, the market is near the lower yellow line. There is a possibility that the bears will be able to break through the support level of 0.838. If this level is broken, market participants may expect a repeated decline to the lower green wall and the support level of 0.827.

    If the lower yellow line is not broken, the price will push off from it and start moving upward. We see that there are no obstacles on the way for the bulls to the upper green line, so the bullish trend will continue to the resistance level of 0.855, which is located at the intersection of the two upper lines of the green and yellow channels.

    With the market’s upward movement, it is recommended to consider opening deals for purchases. In case of a bearish trend, it is recommended to consider opening sales deals.

    featured
    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
    Previous ArticleWow, These Were Some Profitable Moves! The Best Trading Ideas of April
    Next Article Invest Your Binance Coins and Get a $150 Gift
    Zach Wright

    Related Posts

    Is the NIKKEI225 Rally a Retracement or Trend Change

    May 20, 2022

    Is LTCUSD Closer to $90 or to $30?

    May 19, 2022

    BMW – Time to Buy or Sell the Top German Value Stock?

    May 18, 2022

    Leave A Reply Cancel Reply

    Copyright © 2019. SimpleFX
    • SimpleFX WebTrader
    • Unilink Affiliate Tracker

    Type above and press Enter to search. Press Esc to cancel.

    We and our partners use cookies for analytics purposes and to serve personalized ads. You can view our privacy policy here and our cookies policy here
    Accept.
    Privacy & Cookies Policy

    Privacy Overview

    This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
    Necessary
    Always Enabled
    Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
    Non-necessary
    Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.
    SAVE & ACCEPT