ICmarkets

EUR/GBP: Technical outlook and review.

FX:EURGBP   Euro Fx/British Pound
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Weekly Timeframe: Price is once again seen trading around a huge weekly demand area coming in at 0.76931-0.78623. We have to be honest here, considering only the weekly timeframe for a minute; we would be very worried if we were buyers, as this demand area is not exactly showing any bullish strength at the moment.

Daily Timeframe: The daily timeframe shows that price is currently trading within a daily decision-point demand area seen at 0.78468-0.78986. This area is very important in our opinion, so much so that if price breaks below this here, the path south would likely be clear for the sellers to test a daily demand area seen at 0.77507-0.77772, which is conveniently located very deep within the weekly demand area mentioned above at 0.76931-0.78623.

4hr Timeframe: Something beautiful may be forming on the 4hr timeframe. There is a fantastic-looking 4hr demand area at 0.78468-0.78595 (active buy orders are seen just above at 0.78616), which remains untouched for the time being. However, the beautiful thing about this chart is how price is moving towards this demand area. Check out how each time price makes a lower low, we then see a return to collect any unfilled sell orders that may have been left behind (marked with blue arrows). This does two things, it allows pro money to keep pushing price south using the unfilled sell orders, but at the same time it also clears the path north for future buying, which in our opinion is a perfect approach to a fresh demand area.

Buy/sell levels:

• Buy orders: 0.78616 (Predicative stop-loss orders seen at: 0.78444).

• Sell orders: N/A (Predicative stop-loss orders seen at: N/A).
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