Euro Plunges to the 200-Day EMA Against British Pound Forex EURGBP Trading
At this point, we are testing a major support level over the last couple of months, but you could make an argument for some type of demented head and shoulders pattern getting ready to break down.AdvertisementUnderneath there, we have the 0.83 GBP level which has been more important support over the longer term.
Both are going to struggle with the idea of energy through the winter, and the Bank of England has already said that they are expecting a two-year recession. In other words, this is going to be a fight between 2 struggling economies, but both central banks must fight inflation so rising interest rates will probably continue to propel both currencies over the course of the long term.
If we do bounce from here, then I anticipate that the 0.88 GBP level will be difficult to break above, and therefore we may just have short-term choppy consolidation as we try to figure out where to go next.
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