ICmarkets

EUR/GBP Technical outlook and review.

FX:EURGBP   Euro Fx/British Pound
68 0 2
Weekly Timeframe: The weekly timeframe shows that price remains trading around the base of a weekly demand area seen at 0.76931-0.78623. Considering just the weekly timeframe for a moment, price has not exactly been showing much in the way of buying strength. Could it be ‘game over’ for this demand area?

Daily Timeframe: Indecision is being seen on the daily timeframe , as price is still seen ranging within a daily decision-point demand area seen at 0.78468.0.78986. Let’s see what we can find on the 4hr timeframe.

4hr Timeframe: Recent developments on the 4hr timeframe show that active buying has certainly been seen on this pair, and rightly so, since the path north is likely clear up to around the 4hr supply area seen at 0.79409-0.79204.

The reason why we believe the path north is clear is simply because of the way price approached the fresh 4hr demand area at 0.78468-0.78595 (located deep within the daily decision-point demand area at 0.78468.0.78986). Notice that each time price made a lower low, we then saw 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 any future buying. Be that as it may, there still seems to be some selling interest around the round-number level 0.79 at the moment. This may not be a bad thing, since we feel there are still some very big buy orders (0.78601) above the aforementioned fresh 4hr demand area, and this could just be the catalyst that price needs to sell into these buy orders for an overall rally higher.

Buy/sell levels:

• Buy orders: 0.78601 (Predicative stop-loss orders seen at: 0.78444).

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

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