03.10.202308:07 Forex Analysis & Reviews: Technical Analysis of Intraday Price Movement of EUR/GBP Cross Currency Pairs, Tuesday October 03 2023.

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

On the 4-hour chart, the EUR/GBP cross currency pair shows that the movement is in ranging/sideways conditions, but there are several interesting facts, namely that apart from the formation of a Double Top pattern (maroon circle) and a Bearish 123 pattern which is followed by a Bearish Ross Hook (RH) followed by the CCI indicator which managed to break below its three main levels (100, 0, -100) and is stuck at around level 0, this gives an indication that in the near future EUR/GBP has the potential to weaken down to level 0.8629 as its first target if this level is successfully penetrated. downwards, EUR/GBP will have the opportunity to continue its decline to the level of the 0.8546-0.8509 area if momentum and volatility also support it, but all of these downward scenarios will automatically cancel if on its way to the target levels suddenly EUR/GBP turns upwards. broke above level 0.8684.

(Disclaimer)

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.