EURGBP is currently at an interesting area on the Daily timeframe.
After the strong sell-off in June/July, price has been gradually recovering, but the recent structure is starting to look like a rising channel / potential bear flag within the larger bearish move.
What makes this setup interesting to me is that price is also still trading below the 200 EMA, while the recent upside attempts have struggled to gain strong momentum.
Right now, price is sitting close to the lower trendline of the rising channel, but I’m not entering a SELL yet.
I’m waiting for confirmation.
🔸 Current price: ~0.8572
🔸 Key trigger: Clear Daily breakout below the rising trendline
🔸 Confirmation: Preferably a Daily candle close below the structure
🔸 Bias after confirmation: SELL
🔸 Main downside area: ~0.8460–0.8470
If we get a convincing breakdown, I’ll be looking for bearish continuation back towards the July low/support zone around 0.846.
However, as long as the channel continues to hold, there is still a possibility that EURGBP pushes higher again. So for me, this is very much a wait-for-the-breakout setup rather than anticipating the move.
No breakout = no sell. Let price confirm first. 👀
This is my personal market analysis and not financial advice. Always manage your own risk.
#EURGBP #Forex #ForexTrading #TechnicalAnalysis #PriceAction #BearFlag #TradingView #bottradingwithkinki
After the strong sell-off in June/July, price has been gradually recovering, but the recent structure is starting to look like a rising channel / potential bear flag within the larger bearish move.
What makes this setup interesting to me is that price is also still trading below the 200 EMA, while the recent upside attempts have struggled to gain strong momentum.
Right now, price is sitting close to the lower trendline of the rising channel, but I’m not entering a SELL yet.
I’m waiting for confirmation.
🔸 Current price: ~0.8572
🔸 Key trigger: Clear Daily breakout below the rising trendline
🔸 Confirmation: Preferably a Daily candle close below the structure
🔸 Bias after confirmation: SELL
🔸 Main downside area: ~0.8460–0.8470
If we get a convincing breakdown, I’ll be looking for bearish continuation back towards the July low/support zone around 0.846.
However, as long as the channel continues to hold, there is still a possibility that EURGBP pushes higher again. So for me, this is very much a wait-for-the-breakout setup rather than anticipating the move.
No breakout = no sell. Let price confirm first. 👀
This is my personal market analysis and not financial advice. Always manage your own risk.
#EURGBP #Forex #ForexTrading #TechnicalAnalysis #PriceAction #BearFlag #TradingView #bottradingwithkinki
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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.