ICmarkets

EURGBP Technical outlook and review.

FX:EURGBP   Euro / British Pound
47 0 3
4hr TF.

It was reported in the last analysis that we should be prepared for price to retrace a little to the 4hr minor demand (circled) at around the 0.79388 area before a break above temporary 4hr resistance at 0.79586-0.79534 is seen.
Price broke above the aforementioned temporary resistance area straight into our S/R flip level at 0.79679 where a strong bearish reaction followed. At the moment the sellers are steaming south, however they may find a little buying interest around the minor circled demand area mentioned above. If we see a break below, price could very well drop straight to the low 0.79139. The reason price could drop that far is because of the tail marked with an arrow, this tail was likely used to collect orders for the original advance, but in the meantime, it consumed buyers, thus clearing the path for sellers.

Pending/P.A confirmation orders:

• Pending buy orders (Green line) are seen just above demand (0.78862-0.79048) at 0.79076. A pending buy order is placed here due to the aforementioned 4hr demand area’s location in the higher timeframes (Within the compressed green arc from weekly demand: 0.76931-0.78623… Seen on Monday 7th July analysis), and daily demand at 0.78862-0.79206.
• No P.A confirmation buy orders (Red line) are seen in the current market environment.


• The pending sell order (Green line) set just below the S/R flip level (0.79679) at 0.79641 is now active. Our first target has been hit at 0.79388, so do keep an eye on our second target below at 0.79139.
• No P.A confirmation sell orders (Red line) are seen in the current market environment.

• Areas to watch for buy orders: P.O: 0.79076 (SL: 0.78846 TP: Dependent on price approach) P.A.C: No P.A confirmation buy orders are seen in the current market environment.

• Areas to watch for sell orders: P.O: 0.79641 (Active) (SL: 0.79747 TP: 0.79388 0.79139). P.A.C: No P.A confirmation sell orders are seen in the current market environment.
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