EUR/GBP Price Analysis – April 13 2023
Daily Price Outlook
The EUR/GBP currency pair is trading around 0.8798, and it is likely to find immediate support around 0.8789. On the downside, the closing of candles above the 0.8789 level has the potential to initiate a bullish rebound in the EUR/GBP currency pair.
As seen on the three-hour timeframe chart below, the EUR/GBP currency pair has already breached a descending triangle pattern that was providing resistance around 0.8789 and support around 0.8766.
The closing of candles outside this triangle pattern is driving a bullish bias in the currency pair. Simultaneously, leading technical indicators, such as RSI and MACD, are both in a buying zone, with an RSI value of 62 and MACD above the zero level.
Both of these indicators suggest that the currency pair still has a bullish bias, and bulls may enter the market to capitalize on the bullish trend. Given this, it is crucial to monitor the 0.8789 level, as the closing of candles above this particular level has the potential to trigger a bullish bounce-off and lead the currency pair towards immediate resistance levels of 0.8810 or 0.8825.
Now, let's take a look at the trade idea given below.
EUR/GBP Trade Idea
Entry Price – Buy Above 0.8790
Stop Loss – 0.8770
Take Profit – 0.8820
Risk to Reward – 1 : 1
Profit & Loss Per Standard Lot = +$250/ -$250
Profit & Loss Per Micro Lot = +$25/ -$25
Related:
* EUR/USD Price Analysis – April 13, 2023
EUR/GBP Price Analysis – April 12 2023
Daily Price Outlook
The EUR/GBP is showing a strong bullish bias at the 0.8800 level, having disrupted the ascending triangle pattern. On the 4-hour timeframe, the closing of candles above the 0.8790 level increases the likelihood of a continuation of the bullish trend.
Additionally, the RSI and MACD indicators are both in a buying zone, supporting the uptrend in the EUR/GBP pair.
That being said, the EUR/GBP may continue to trade bullish above the 0.8790 level with a target of the 0.8825 mark, while support continues to hold around the 0.8770 level.
EUR/GBP Trade Idea
Entry Price – Buy Above 0.87939
Stop Loss – 0.87761
Take Profit – 0.88191
Risk to Reward – 1 : 1.4
Profit & Loss Per Standard Lot = +$322/ -$223
Profit & Loss Per Micro Lot = +$32/ -$22
Related:
* GOLD Price Analysis – April 12, 2023