EUR/GBP Price Prediction: Resumes bear trend after breaking decisively below range floor
Source Fxstreet
- EUR/GBP breaks below support from the floor of a six-week range.
- The pair resumes its long-term bear trend.
EUR/GBP has broken decisively below the base of a six-week range (red dashed line on chart) and is in free fall.
EUR/GBP Daily Chart
The pair is likely to fall substantially lower as the bearish trend resumes. The usual technical method of determining how far, is to take the height of the prior range and extrapolate it lower. A conservative estimate lies at the Fibonacci 61.8% extrapolation, at 0.8225.
A more optimistic forecast at the 100% extension, at 0.8171.
Disclaimer: For information purposes only. Past performance is not indicative of future results.
Recommended Articles
The Gold price (XAU/USD) gains momentum to near $3,645 during the early Asian session on Thursday.
Silver price (XAG/USD) trades 1.5% lower, slightly below $48.00 during the late Asian trading session on Monday.
Looking ahead, the Federal Reserve's interest rate meeting on 29 October will be a pivotal event shaping gold price trends.
Wall Street consensus expects the FOMC to lower its target interest rate by 25 bps, bringing it to a range of 3.75%–4.00% — the first time below 4% since late 2022.
Microsoft has beaten EPS estimates in nine of the past ten quarters. If Q3 delivers strong results, it would mark the 10th consecutive beat.
Related Instrument
