ICmarkets

EUR/GBP: Technical outlook and review.

FX:EURGBP   Euro / British Pound
13 0 1
4hr TF.

The higher-timeframe picture resembles the following:

• Weekly TF: Two weeks ago a spike/wick was seen just above the weekly decision-point area at 0.80328-0.79780, indicating that some of the sellers around this area have been consumed, which also likely means price is now free to hit the weekly supply area above at 0.81397-0.80809.

• Daily TF: The same spike/wick seen on the weekly timeframe , is exactly the same on this timeframe (only above daily supply at 0.80328-0.80024), meaning the path north is likely clear now up to the daily S/R flip level at 0.80809 (the lower base of the weekly timeframe supply area - see above), however before price can be pushed higher, pro money will need sell orders to buy into, and at the moment this does not seem to be the case. A decline in value may well be seen down to the next fresh daily demand area at 0.78117-0.78533 which is nicely located within the weekly demand area at 0.76931-0.78623.

The market opened much lower than last week’s close (0.79869) at 0.79677, where the buyers immediately took control. Four hours later, the tables had turned and it was the sellers’ turn. This selling has seen price close below the 4hr S/D flip area at 0.79792-0.79663. In our opinion there’s very little that will likely stop price, other than the area marked with a blue arrow at 0.79429 from trading all the way down to an obvious 4hr demand level at 0.79189 which has already seen a touch already, hence the need for confirmation on this level, rather than a pending buy order.

The 4hr supply area just above current price is well-worth keeping an eye on at the moment, as within this area was where pro money actually made the decision to push prices below the aforementioned 4hr S/D flip area, so there may very well be unfilled sell orders lurking within.

Pending/P.A confirmation levels:

• No pending buy orders (Green line) are seen in the current market environment.
• P.A confirmation buy levels (Red line) are seen just above a 4hr decision-point level (0.79189) at 0.79215. The reason for setting a P.A confirmation buy level, and not a pending buy order is simply because this level has seen a touch already indicating some of the buyers may have been consumed, thus weakening this area, hence the need for confirmation on this one.

• No Pending sell orders (Green line) are seen are seen in the current market environment.
• No P.A confirmation sell levels (Red line) are seen in the current market environment.

• Areas to watch for buy orders: P.O: No pending buy orders are seen in the current market environment. P.A.C: 0.79215 (SL: Dependent on price action after the level has been confirmed TP: Dependent on approaching price action after the level has been confirmed).

• Areas to watch for sell orders: P.O: No pending sell orders are seen in the current market environment. P.A.C: No P.A confirmation sell levels are seen in the current market environment.
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