EUR/GBP Price Analysis – April 13 2023

Daily Price Outlook

The EUR/GBP currency pair is trading around 0.8798, and it is likely to find immediate support around 0.8789. On the downside, the closing of candles above the 0.8789 level has the potential to initiate a bullish rebound in the EUR/GBP currency pair.

As seen on the three-hour timeframe chart below, the EUR/GBP currency pair has already breached a descending triangle pattern that was providing resistance around 0.8789 and support around 0.8766.

The closing of candles outside this triangle pattern is driving a bullish bias in the currency pair. Simultaneously, leading technical indicators, such as RSI and MACD, are both in a buying zone, with an RSI value of 62 and MACD above the zero level.

Both of these indicators suggest that the currency pair still has a bullish bias, and bulls may enter the market to capitalize on the bullish trend. Given this, it is crucial to monitor the 0.8789 level, as the closing of candles above this particular level has the potential to trigger a bullish bounce-off and lead the currency pair towards immediate resistance levels of 0.8810 or 0.8825.

Now, let's take a look at the trade idea given below.

EUR/GBP Trade Idea

Entry Price – Buy Above 0.8790

Stop Loss – 0.8770

Take Profit – 0.8820

Risk to Reward – 1 : 1

Profit & Loss Per Standard Lot = +$250/ -$250

Profit & Loss Per Micro Lot = +$25/ -$25

Related:

    * EUR/USD Price Analysis – April 13, 2023

    * GOLD Price Analysis – April 13, 2023

    * EUR/GBP Price Analysis – April 12 2023