EUR/GBP is coming lower out of a triangle into a support area [Video]

Gregor Horvat Wavetraders

We talked about EURGBP pair back on May 22th, we also shared an article where we mentioned and highlighted a completed bearish triangle pattern in wave (B), which can send the price lower within wave (C).

EURGBP Daily Chart From May 22th 2024

As you can see today after two months on July 30th, the pair is coming to the lower side of that big range, with room for 0.8350 area after recent sell-off from the upper line of a daily triangle. So, wave (C) of C is clearly in progress but already seen in 5th subwave down, so possibly the pair can be in late stages of current drop, maybe even within the wedge pattern, thus be aware of price stabilization and potential reversal up, especially if BoE is going to cut interest rates.

EURGBP Daily Chart From July 31th 2024

For more analysis like this you may want to watch below our recording of a live webinar streamed on Monday July 29 2024:

Get Full Access To Our Premium Elliott Wave Analysis For 14 Days. Click here.

Author

Gregor Horvat

Wavetraders

Experience Grega is based in Slovenia and has been in the Forex market since 2003.

EUR/USD tests 1.1800 barrier above 50-day EMA

EUR/USD gains ground after three days of losses, trading around 1.1790 during the Asian hours on Thursday. The 14-day Relative Strength Index momentum indicator at 47 (neutral) reflects easing momentum. The RSI below 50 keeps momentum balanced and could limit follow-through.

GBP/USD struggles near four-week low vs. USD, below 1.3500 amid BoE rate cut bets

The GBP/USD pair is seen consolidating its weekly losses registered over the past three days and oscillating in a narrow range near a four-week trough, touched during the Asians session on Thursday. Spot prices currently trade just below the 1.3500 psychological mark and seem vulnerable to slide further.

Gold consolidates below $5,000 amid geopolitical risk, hawkish FOMC Minutes

Gold extends its sideways consolidative price move through the Asian session on Thursday and remains below the $5,000 psychological mark as traders seem hesitant amid mixed cues. The US Dollar preserves its strong gains to over a one-week high in the wake of somewhat hawkish Minutes of the US Federal Reserve’s January monetary policy meeting.

Injective token surges over 13% following the approval of the mainnet upgrade proposal

Injective price rallies over 13% on Thursday after the network confirmed the approval of its IIP-619 proposal. The green light for the mainnet upgrade has boosted traders’ sentiment, as the upgrade aims to scale Injective’s real-time Ethereum Virtual Machine architecture and enhance its capabilities to support next-generation payments. The technical outlook suggests further gains if INJ breaks above key resistance.

Mixed UK inflation data no gamechanger for the Bank of England

Food inflation plunged in January, but service sector price pressure is proving stickier. We continue to expect Bank of England rate cuts in March and June. The latest UK inflation read is a mixed bag for the Bank of England, but we doubt it drastically changes the odds of a March rate cut.