- February 12, 2025
- Posted By: mia
- Category: Market News
Price Action Insights for EURGBP H4 Chart Today
The EUR-GBP forex pair, often referred to as the “Eurosterling,” represents the exchange rate between the Euro and the British Pound. This currency pair is commonly traded in the global forex market, with fluctuations often driven by the economic conditions of the Eurozone and the UK. Today, the focus is on the economic releases, such as Germany’s Bund Auction results, the speech by Deutsche Bundesbank President Joachim Nagel, and the Industrial Output data from the Eurozone. Traders will closely monitor Nagel’s speech, as it could hint at future monetary policy decisions from the ECB, particularly given the recent emphasis on inflation and interest rate trajectories. Additionally, industrial production figures out of the Eurozone could provide insights into the region’s economic growth, potentially impacting the direction of EUR GBP. A stronger-than-expected economic outlook for the Eurozone could support the Euro, while dovish rhetoric from the ECB or weaker economic data could weigh on EURGBP.
Chart Notes:
• Chart time-zone is UTC (+02:00)
• Candles’ time-frame is 4h.
Looking at the EUR/GBP H4 chart, the price action reveals that after breaking the previous downtrend line and pulling back to it, the price failed to break the next resistance trend line on its first attempt. Currently, the price sits at a longer-term support zone, supported by both the support trend line and the EMA 22, suggesting that a classic triangle pattern may be forming. The potential for a breakout from this triangle to the upside is increased by the two doji candles that appeared, signaling indecision in the market and a possible change in trend. The EMA 22 is neutral, indicating that no strong directional momentum is present at the moment. The MACD, however, appears to be showing a slight bullish crossover, which supports the idea that the price may soon experience an upward breakout if the resistance trend line is breached.
•DISCLAIMER: Please note that the above analysis is not an investment suggestion by “Capitalcore LLC”. This post has been published only for educational purposes.