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The EURGBP price could move higher as the GBP weakness continues. This could offer long ideas from key volume areas.

Watch the video to learn more…

EURGBP Analysis

The price of EURGBP could continue to rally higher after the recent CPI data from the UK made the GBP weaken further. The CPI figures came in under forecasts but still showing a rise which could cause a problem for the Bank of England. Recent comments from the central bank highlighted their concerns of raising interest rates much further as it will lead to a higher unemployment rate which the UK is already facing a problem with. This could see the GBP continue to weaken in the near term.

The EURGBP price recently found support at the major range lows, this led to the price breaking out of the consolidation zone that had formed. Now the price has broken out of this range we can look for long ideas in line with the key volume zones. 

EURGBP forex chart of the day

Looking at last week’s volume profile we can see that the price has already broken through the value area low and sold off on the retest. We can also see that the price has been respecting the smaller daily volume profiles with the price recently rejecting the point of control from yesterday and moving higher. This shows us that buyers are getting involved in the market at these key levels. If the price trades above the current value area high and forms a bullish rejection on the retest we could look for further long opportunities targeting the previous week’s value area low. 

Do you trade USDJPY? you can see our recent analysis on the forex pair here.

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