EURGBP Are Bulls Back?
Updated
Daily on the left and 8hr on the right. EURGBP setting itself up, should be interesting to see how this plays out. Price broke above and is now testing a strong area of support/resistance. On the daily we can see how we managed to close off a double bottom formation with 2 pinbar rejection candles, showing signs of potential reversal to the upside. By scaling down further to the 12, 8, & 4hr we continue to see multiple pinbar rejection candlesticks, telling us that buyers are protecting this zone. Let’s not forget that we are testing .87500 a key psychological level and also 61.8% fib zone. Scaling down to the lower time frames (15 min) we will see an inverted head and shoulders formation. So much more confluence on this pair it will be hard to fit but our buy limit is set with a 30 pip stop loss, so let’s see what happens.
Comment
EURGBP: Price failed to hold above support. Price broke and is now testing as new resistance. If price manages to hold below this zone then we can look to short to .86000 key zone.Comment
EURGBP: Managed to close off a strong bearish engulfing which cleared previous swing lows. Price engulfed two days of price action and violated .87500 key psychological zone and managed to test as new resistance. If price breaks through .86900 then, we can look to sell EURGBP back down to .86400 key zone. However, if price manages to break back above .87500 then we must reevaluate price action. Due to uncertainty of market fluidity, risk management is highly recommended.Disclaimer
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