FxWirePro- EURGBP Trade Idea

The pair lost its shine on board-based Pound buying. Intraday bias remains bearish as long as resistance 0.8450 holds. It hit a low of 0.83450 and is currently trading around 0.83547.

On March 24, 2025, Bank of England Governor Andrew Bailey urged rapid technology progress, particularly in AI, to fight Britain's weakening long-term growth. He emphasized coordination between the world's economies to rectify problems with the global system of trade and mentioned AI as a promise for increased productivity. Bailey also emphasized investment in new workforce skills and acknowledged headwinds like a rapidly aging population and sluggish productivity. He again emphasized the importance of good institutions and good public policies, such as education and good international institutions, to spur economic growth

Technical Analysis

The pair is currently trading below the 34- and below 55-EMA on the 4-hour chart.

• Bearish Trend Confirmation: Any break below 0.8340 confirms an intraday bearish trend. A drop to  0.8320/0.8290/0.8220/0.8190 is likely.
   
• Near-Term Resistance: Current resistance is around 0.8450. Any violation above will push towards 0.8470/0.8500/0.8580. The bearish outlook would be invalidated only if the price goes above 0.8500.

Indicator Analysis (4-hour chart)

• CCI (50): Bearish
• Average Directional Movement Index: Neutral

Trading Recommendation

It is good to sell on rallies around 0.8400  with a stop loss around 0.8450 for a target price of 0.8300.