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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Technical Overview: EURGBP

13:47 19 June 2019

The EURGBP currency pair has been trading in a wide range for a long time. The past  three upward moves were equal in size. We are now observing the reaction to the upper limit of the range. In case the price fails to finish the week above it,a potential sell signal surface. There is still some time until the end of the week but there is a high chance that the pound will fail to push higher.  It would mark the first “down” candlestick since the beginning of May.

Source: xStation5

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Taking a look at the D1 interval, we can see that the price struggles to overcome the 0.8930 handle. This level is important from a technical point of view due to the 1:1 market geometry - the  ongoing upward movement matches range of the one from late-2018. Additionally, the bearish engulfing candlestick pattern has been drawn on the daily interval what could be the first signal for bears.

Source: xStation5

 

Last but not least, the solid momentum of the upward move started at 6th May is clearly visible on the intraday interval (H1). Note that the pair moved almost 500 pips higher without any bigger correction. On one hand, it proves that the trend is strong, but on the other, risk of correction occurring is rising. As long as the price is above the 55-period moving average and the overbalance structure from D1 interval, bulls may remain in markets’ favour.

Source: xStation5

This content has been created by XTB S.A. This service is provided by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, entered in the register of entrepreneurs of the National Court Register (Krajowy Rejestr Sądowy) conducted by District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under KRS number 0000217580, REGON number 015803782 and Tax Identification Number (NIP) 527-24-43-955, with the fully paid up share capital in the amount of PLN 5.869.181,75. XTB S.A. conducts brokerage activities on the basis of the license granted by Polish Securities and Exchange Commission on 8th November 2005 No. DDM-M-4021-57-1/2005 and is supervised by Polish Supervision Authority.

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