EUR/GBP forecast for March 23, 2021

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Looking at the chart on the weekly time frame, we see that the EUR/GBP pair found support at 0.85500 at the Fibonacci 78.6% level, making for now a smaller pullback up with the tendency to climb to the Fibonacci 61.8% level at 0.87500. If this pullback is performed, resistance in moving averages MA20 and EMA20 awaits us above. Otherwise, if the pair slips below 78.6% Fibonacci levels, we went below 0.85000 with a view of 0.82800 previous low from February last year.

EUR/GBP

EUR/GBP

We see how the EUR/GBP pair slowed down to Fibonacci’s 78.6% level on the daily time frame, then moved upwards, making a pullback and looking towards 61.8% Fibonacci level at 0.87500. Our first bullish target is a moving average of MA50 at 0.87100, followed by the Fibonacci level. Our maximum bullish target is a zone at 50.0% Fibonacci level place break below previous lows.

EUR/GBP

EUR/GBP

On the four-hour time frame, we see that the EUR/GBP pair is a moving average of the MA200 and EMA200, while on the underside, it has support with the MA20, EMA20, and MA50. The break above the MA200 and EMA200 gives another sign that the bullish trend’s growth is very likely, and our targets are the previous lower high on the chart. If the pair fails to break through these two moving averages, we go back down to test the support again at 0.85000.

EUR/GBP

EUR/GBP

From the information for the EUR/GBP currency pair, we can single out the following economic news: British producers expect production to grow rapidly over the next three months. A study of industry trends from the Confederation of British Industry showed on Tuesday. The balance of +30 percent expects an increase in production in the next three months, the strongest expectations since August 2017.

It’s great to see an increase in mood among manufacturers, spurred by a jump in orders, said Anna Leach, deputy chief economist at the CBI. But firms continue to face higher transportation costs as well as shortages of raw materials. “Looking ahead, the government should remain focused on measures to strengthen the recovery, to increase Britain’s competitiveness in the long run,” Leach added. “Rapid progress in introducing the vaccine will be crucial in boosting business confidence in the recovery.” German Chancellor Angela Merkel and regional leaders of 16 states agreed late Monday to impose a strong blockade over Easter amid exponential growth in coronavirus cases in the country. is called the “third wave.”

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