GBP/USD, GBP/CAD, EUR/GBP Charts to Watch

Must read

Crude Oil Short-term Technical Outlook: WTI Breakout Imminent

Crude Oil Technical Forecast: WTI Short-term Trade LevelsCrude oil costs are poised for a breakout with WTI holding a decent vary just under a...

Shiba Inu (SHIBUSD) Price is on Bullish Trend

Shiba Inu (SHIBUSD) Price Forecast: May 30The SHIBUSD value is on a bullish pattern regardless of the strikes from the brief merchants. The coin...

British Pound Technical Forecast: GBP/USD, GBP/CAD, EUR/GBP

  • GBP/USD weakened late final week, placing in the next low from January’s peak
  • GBP/CAD outlook seems to be impartial after costs fall in need of placing in new yearly excessive
  • EUR/GBP hidden bearish divergence might even see costs head again towards key help

GBP/USD Technical Forecast: Slightly Bearish

The British Pound made headway towards the US Dollar final week, however a surge within the US Dollar on Friday trimmed positive factors, ending round 1% increased. Before the late-week pullback, GBP/USD hit the best stage since mid-January earlier than costs broke down from a Head and Shoulders sample, falling to the 100-day Simple Moving Average.

A break decrease might push costs down towards the yearly low at 1.3356. Alternatively, additional energy would goal the 161.8% Fibonacci extension, a stage that served as resistance final week, earlier than aiming on the high-profile 200-day SMA. The development could favor a transfer decrease this week, contemplating costs put within the third increased low since early January.

GBP/USD – 8-Hour Chart

Chart created with TradingView

GBP/CAD Technical Forecast: Neutral

British Pound was additionally a gainer towards the Canadian Dollar, with GBP/CAD rising practically a full share level. However, the transfer increased fell simply in need of taking out the 2021 excessive, set in early January at 1.7313, but it surely nonetheless marks the best weekly candlestick shut of the yr. A bearish divergence was fashioned with the RSI oscillator making the next excessive whereas costs failed to take action.

That coincides with a weakening MACD oscillator, represented by the falling histogram, suggesting momentum has stalled out. A bullish cross between the 50- and 100-day SMAs supply a conflicting technical sign. That stated, the outlook stays extra impartial till costs take out the close by 2022 excessive, which might break the bearish divergence.

GBP/CAD – 8-Hour Chart


Chart created with TradingView

EUR/GBP Technical Forecast: Bearish

The Euro impressively defeated the Pound, with EUR/GBP rising 1.69% to the best stage since December 23. That transfer pierced the 50- and 100-day SMAs on that ascent. If costs proceed increased this week, the 200-day SMA could supply some resistance. Alternatively, if costs reverse decrease, a serious zone of resistance from 2016 could underpin costs. There can also be a hidden bearish divergence exhibiting between costs and the RSI oscillator (indicated by the purple traces on the chart). That is when costs set a decrease excessive as an oscillator – on this case RSI – units the next excessive. The latter can at occasions trace at downtrend resumption.

EUR/GBP – 8-Hour Chart

eurgbp chart

Chart created with TradingView

— Written by Thomas Westwater, Analyst for

To contact Thomas, use the feedback part beneath or @FxWestwater on Twitter

aspect contained in the aspect. This might be not what you meant to do!
Load your software’s JavaScript bundle contained in the aspect as a substitute.

More articles


Please enter your comment!
Please enter your name here

Latest article

AUDUSD Takes a Sell Dive Amidst the RBA Rate

AUDUSD takes a promote dive amidst the RBA fee. The pair has been topic to important fluctuations in latest buying and selling periods, pushed...

RBA Holds Rates, Aussie Dollar Slips

AUD/USD ANALYSIS & TALKING POINTSRBA holds off on price hike with 4.35% the potential peak.US ISM providers PMI beneath the highlight later right this...

Ethereum Team Leader Critiques University’s Apathy Towards Crypto Education

The Ethereum group chief, Péter Szilágyi, lately expressed his dissatisfaction relating to his alma mater's obvious disinterest in offering college students with alternatives to...