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EURGBP Forecast and Daily Trade Signal 05-OCT-2022

Fxdatapanel05 Oct 2022Forex Forecast

EURGBP Forecast and Daily Trade Signal 05-OCT-2022

EURGBP pair’s correction phase seems to end as the bears lose momentum. The intraday support levels are at 0.8651 and 0.8601. The near-term resistance areas are at 0.8747 and 0.8843. Yesterday’s closing has formed a sort of bullish engulfing pattern at the bottom that may speed up the recovery in the coming sessions.

EURGBP Technical Outlook

The Stochastic Indicator is currently oversold. The Moving Average Convergence Divergence (MACD) is below the zero line. The Average True Range (ATR) shows low volatility. The Bollinger Bands (BB) and the Relative Strength Index (RSI) are neutral. EURGBP pair’s current price.

EUR/GBP Support and Resistance levels – Short-Term

Related Article: USDCAD Daily Forecast And Trade Signal

Pivot Points

EUR/GBP Trading Ranges

EUR/GBP Daily Trading Range: 0.8690 – 0.8730
EURGBP Weekly Trading Range: 0.8648 – 0.8831
EURGBP Monthly Trading Range: 0.8648 – 0.8831
EUR/GBP Yearly Trading Range: 0.8203 – 0.9269

EUR/GBP Trading Idea – 5-OCT-2022

EURGBP’s current intraday price pattern suggests a recovery and resumption of the ongoing uptrend, making it ideal for buying entries using the following levels.

Related Article: AUD/USD Daily Outlook and Trade Signal

Signal Direction: Buy

Signal Timeframe: Daily


Entry: 0.8593

Stop-loss: 0.8489

Take Profit: 0.8801

EUR/GBP Trading Levels To Watch

The 0.8700 is a strong support area; only a breach below this level will strengthen the bears. On the upside, bulls need an intraday closing above 0.8760 to complete the recovery pattern and move higher.

Click here to download EUR/GBP’s complete smart analysis from FXDatapanel.