EUR/GBP technical analysis: Monday's Doji indicates bull exhaustion

EUR/GBP created a Doji candle on Monday, signaling bullish exhaustion.
Acceptance below Doji's low would confirm a short-term bearish reversal.

Omkar Godbole FXStreet Contributor

EUR/GBP witnessed a two-way business before closing on a flat note on Monday.

Essentially, the pair created a Doji candle, a sign of indecision in the market place.

The Doji, however, has appeared following a near 90-degree rally from the July 25 low of 0.8892. So, it seems safe to say that the indecision is predominantly among the bulls (buyer exhaustion).

A bullish-to-bearish trend change would be confirmed if the pair closes today below Doji's low of 0.9247. The rally would continue if the pair finds acceptance above Doji's high of 0.9324.

So, for EUR/GBP today's close is pivotal. As of writing, the pair is trading at 0.9273, representing 0.10% losses on the day.

Daily chart

Trend: Bull exhaustion

Pivot points

1. R3 0.9406
2. R2 0.9366
3. R1 0.9327
PP 0.9287
1. S1 0.9248
2. S2 0.9208
3. S3 0.9169

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

EUR/USD holds above 1.1750 after mixed EU PMI data

EUR/USD manages to hold above 1.1750 but struggles to gather recovery momentum on Friday, following the mixed February PMI figures from Germany and the Eurozone. In the second half of the day, Q4 GDP, December inflation and February PMI data from the US will be watched closely by market participants.

GBP/USD recovers further toward 1.3500 after UK PMI data

GBP/USD is recovering ground further toward 1.3500 in European trading on Friday, helped by a modest uptick in the Pound Sterling after stronger-than-expected UK January Retail Sales and February PMI data. However, the pair's further upside could be limited amid persistent US Dollar strength as the focus turns to key US data.

Gold sticks to positive bias above $5,000 ahead of US data

Gold gains some positive traction for the third consecutive day on Friday. holding above $5,000. Traders now look forward to the key US macro releases – the Advance Q4 GDP report and the Personal Consumption Expenditures (PCE) Price Index – for fresh trading impetus.

US GDP growth expected to slow down significantly in Q4 after stellar Q3

The United States Bureau of Economic Analysis will publish the first preliminary estimate of the fourth-quarter Gross Domestic Product at 13:30 GMT. Analysts forecast the US economy to have expanded at a 3% annualized rate, slowing down from the 4.4% growth posted in the previous quarter.

Iran tensions and AI fears at the forefront ahead of key US data

Thursday’s scorecard shows major US Stock benchmarks closed modestly in the red amid mounting US-Iran tensions and AI disruption worries. The S&P 500 shed 19 points (0.3%) to 6,861, the Nasdaq 100 lost 101 points (0.4%) to 24,797, and the Dow Jones Industrial Average dropped 267 points (0.5%) to 49,395.

Official Trump price approaches breakout with mixed signals from traders

Official Trump (TRUMP) is trading at $3.50 at the time of writing, approaching its upper consolidation range. A breakout from this range could open the door for an upside move. On-chain data shows market indecision, with balanced flows between bulls and bears, signaling a lack of clear directional bias.