EUR/GBP: Dancing on the Edge—Will It Hold or Fold?
Alright, let's dive into the EUR/GBP charts! Starting with the daily timeframe, we can see that price is consolidating between the key daily support of 0.83599 and the resistance at 0.83919. This range has been holding up for a bit, and right now, price is hovering just below the resistance, giving off a slight hesitation for a potential breakout. What’s standing out to me is the bounce off the support level of 0.83599, which aligns nicely with the ascending trendline from early October. The 21 EMA is also right under price, acting as a dynamic support, so bulls might still have some room to push.
Looking at the 4-hour chart, the uptrend that started at the 0.83036 weekly support is still intact, though momentum seems to be slowing down near resistance. If we break above 0.83919, that would be a solid sign to aim for the next weekly level, 0.8430. However, if this resistance holds and price starts to break below the trendline, we could be looking at a move down to retest the support levels of 0.83599 or even 0.83318.
For now, I’m leaning neutral with a slight bullish bias. I’m watching for either a clear breakout above 0.83919 or a break of the trendline to possibly enter short.
Looking at the 4-hour chart, the uptrend that started at the 0.83036 weekly support is still intact, though momentum seems to be slowing down near resistance. If we break above 0.83919, that would be a solid sign to aim for the next weekly level, 0.8430. However, if this resistance holds and price starts to break below the trendline, we could be looking at a move down to retest the support levels of 0.83599 or even 0.83318.
For now, I’m leaning neutral with a slight bullish bias. I’m watching for either a clear breakout above 0.83919 or a break of the trendline to possibly enter short.
Sheena Lynne
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