EURGBP Technical Analysis Report 11 March, 2024

Dmitry Chernovolov Market Analyst

Given the strength of the support level 0.8500 and the clearly bearish sterling sentiment that can be seen across the FX markets today, EURGBP currency pair can be expected to rise further

– EURGBP reversed from the powerful support level 0.8500

– Likely to rise to resistance level 0.8570

EURGBP currency pair recently reversed up from the powerful support level 0.8500, which has been repeatedly reversing the price from July of 2023, as can be seen from the daily EURGBP chart below.  The support level 0.8500 was strengthened by the lower daily Bollinger Band. The price earlier made the 3 consecutive Japanese candlesticks reversal patterns near this support level – starting with the daily Bullish Engulfing in last July, then the daily Hammer in August and most recently – the Bullish Engulfing in February.

Given the strength of the support level 0.8500 and the clearly bearish sterling sentiment that can be seen across the FX markets today, EURGBP currency pair can be expected to rise further toward the next resistance level 0.8570, which stopped the 3 of the previous minor corrections in February – iv, ii and i.

Read this next

Retail FX

FXOpen launches HK share CFDs: Tencent, Alibaba, Xiaomi, Baidu

Hong Kong share CFDs will be commission-free for a limited period of time.

Retail FX

IronFX Celebrates an Award-Winning Start to 2024 with a Series of Industry Recognitions

IronFX, a global leader in online trading, has embarked on 2024 with a spectacular display of accolades that highlight its commitment to excellence and innovation in the competitive financial services sector.

Industry News

FIA urges CFTC to regulate use cases rather than AI itself

“We urge the CFTC to refrain from crafting new regulations that generally regulate AI because this approach presents certain well-known pitfalls. By approaching the issue from the perspective of AI as a technology, rather than the use case for the technology, corresponding regulations would likely necessitate a definition of AI. We anticipate that any attempt to properly define AI would be very challenging and require considerable resources.”

Education, Inside View

The Power of Public Relations in Finance: Shaping Perceptions & Building Reputation

It’s safe to say that the finance industry has faced its share of reputation crises over the years, from the 2008 financial collapse to the many scandals around irresponsible lending, political corruption, and even Ponzi schemes. 

Digital Assets

Crossover’s crypto ECN executed over $3 billion in Q1 2024

“Our growth is also driving continued increases in the percentages of trades that are ‘Order Crossing Order’ (OXO). Currently, roughly 10% of all trades executed on CROSSx are OXO, another differentiator in our platform’s capacity. This capacity and our unique execution model provide value to both the market maker and taker, as evidenced by our commercial model.”


BlockDAG’s Explosive Presale Hits $20.3M In April Swaying Investors From XRP’s Price Trends Upward, & Polygon’s NFT Market

Learn about BlockDAG’s impressive $20.3M presale results, XRP’s price increase prospects, and the booming NFT market on Polygon among the top 10 cryptocurrencies.

Retail FX

Financial Commission warns of Eplanet Brokers

The Financial Commission, a self-regulatory compliance specialist for the financial services industry, is ramping up its scrutiny of unregulated brokerage firms. Today, the independent association warned against a company called Eplanet Brokers.

Retail FX

Dubai crypto exchange steps into prop trading

Dubai-based cryptocurrency trading platform, CoinW Exchange, marked its sixth anniversary by announcing a rebranding initiative and launching a proprietary trading product.


Bitcoin payments app Strike launches in Europe

Bitcoin blockchain-based payments app Strike launched in Europe on Wednesday, allowing users in the region to buy, sell, and withdraw bitcoin (BTC).