- Analytics
- News and Tools
- Market News
- EUR/GBP Price Analysis: Moving up to fill the “gap”
EUR/GBP Price Analysis: Moving up to fill the “gap”
- EUR/GBP is moving up to a gap in the price charts formed when prices were rapidly selling-off earlier in June.
- There is a possibility it could fill the gap if it continues higher.
- A roughly equal risk exists that EUR/GBP resuming its prior downtrend and making new lows.
EUR/GBP has recovered after breaking out of the range that it was trading in, in late May and falling steeply.
EUR/GBP 4-hour Chart
During the steep decline the pair formed a gap in price (red shaded area). There is a saying amongst traders that “gaps like to get filled” and there is a chance price could now rise up and close this gap. A break above the 0.8468 high would probably confirm a closing of the gap between 0.8472 and 0.8490.
The direction of the short-term trend is in doubt since the recovery from the June 14 lows at 0.8397. On the one hand it could be argued that it is still bearish and prices could capitulate and fall at any moment.
On the other hand there is the effect of the price gap which could draw prices higher.
If EUR/GBP does roll over and resume its short-term downtrending bias, a break below 0.8397 would see the pair fall to the next downside target at 0.8340 (August 2022 low).
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
