ICmarkets

EUR/GBP: Technical outlook and review.

FX:EURGBP   Euro Fx/British Pound
92 0 0
4hr TF.

The higher-timeframe picture resembles the following:

• Weekly timeframe: A bearish reaction has been seen as price hit weekly supply at 0.80328-0.79780, this could very likely mean we may be heading down to true weekly demand at 0.79631-0.78623, only time will tell though!
• Daily timeframe: Active sellers were certainly lurking around the daily S/R flip level at 0.79751 as price is seen dropping relatively hard from here at the moment back down to daily demand (which should be consumed of demand/buyers now) at 0.78862-0.79206. If this is indeed true, we could very likely see a push down to the daily demand area below at 0.78117-0.78533 sometime soon which will effectively bring us into heavy weekly demand at 0.76931-0.78623.

The sellers are on fire! Price has been heavily sold into a 4hr demand area at 0.79240-0.79408 where the buyers are yet to show any ‘serious’ interest at the moment.

The higher-timeframes appear to be indicating a more selling to the downside will be seen (see above). Before this happens though, a break below the aforementioned 4hr demand area has to happen first, if this does indeed happen, some serious selling action could be seen all the way down to fresh 4hr demand at 0.78320-0.78602 as the near term 4hr demand area at 0.78862-0.79048 has in our opinion been well and truly consumed of all demand.

Pending/P.A confirmation orders:

• Pending buy orders (Green line) are seen just above demand (0.78602-0.78320) at 0.78641. The reasoning behind setting a pending buy order here is due to its current location on the higher timeframes. This 4hr demand area is just above daily demand at 0.78117-0.78533 and also just within the upper area of weekly demand at 0.76931-0.78623.
• The pending buy order (Green line) set just above a decision-point area (0.79240-0.79408) at 0.79427 is now active, so do keep an eye on our first take-profit level set at 0.79557.
• No P.A confirmation buy orders (Red line) are seen in the current market environment.

• Pending sell orders (Green line) are seen just below a supply area (0.80264-0.80133) at 0.80110 as this area is beautifully located within daily supply at 0.80328-0.80024, and not to mention the round number 0.8 is begging to be faked up into the aforementioned 4hr supply area, think of all that liquidity for pro money!!
• No P.A confirmation sell orders (Red line) are seen in the current market environment.

• Areas to watch for buy orders: P.O: 0.78641 (SL: 0.78288 TP: Dependent on price approach) 0.79427 (Active) (SL: 0.79215 TP: 0.79557 0.79684 0.8). P.A.C: No P.A confirmation buy orders are seen in the current market environment.

• Areas to watch for sell orders: P.O: 0.80110 (SL: 0.80295 TP: Dependent on price approach) P.A.C: No P.A confirmation sell orders are seen in the current market environment.
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