EUR/GBP Bullish Analysis and Trade Idea
The EUR/GBP is showing promising signs of a bullish move on the 4-hour chart. Currently trading around 0.84500 GBP, the pair is positioned within a strong support and demand zone, suggesting potential upward momentum.
Technical Indicators:
Order Block (OB) on Daily Chart: Located around 0.85050, indicating significant institutional interest.
0.886 Fibonacci Retracement, aligns with the OB zone around 0.85000, highlighting a strong resistance area.
Demand & High Support: Price has historically reacted bullishly between 0.84350 and 0.84450.(Could mean we are going for 2 nice bullish weeks)
Buy Side Liquidity (BSL): Positioned just above 0.84700, suggesting potential liquidity for a bullish move. ( Another +20 pips push into the OB And Fibonacci Retracement )
Analysis:
The pair is consolidating above a strong support zone, with historical demand suggesting potential bullish movement. The alignment of the OB zone and the 0.886 Fibonacci retracement level around 0.85000 indicates a critical resistance area. If the price breaks above this, it could trigger further upside. (But this is were you would take profit)
Conclusion:
With the current technical setup, EUR/GBP presents a favorable Buy trade opportunity from the support zone towards the 0.85000 - 0.85200 resistance area.
Apply appropriate risk management.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.