ICmarkets

EUR/GBP Technical outlook and review.

FX:EURGBP   Euro Fx/British Pound
19 0 0
Daily TF.

The push down from the daily S/R flip level at 0.79751 has been quite aggressive. Price is currently seen trading quite deep within daily demand at 0.78862-0.79206 with not much interest being shown from the buyers at present.

4hr TF.

The tail marked with an arrow at 0.79251 was clearly a very important clue that demand was well and truly cleared around this level, as price has indeed dropped like a rock. A tiny bit of buying interest was seen around a 4hr minor support level at 0.79139, but was nothing to get excited about.

Price has now dropped into 4hr demand at 0.78862-0.79048 which was reported may happen a week or so back. The amount of buyers and breakout sellers around the aforementioned 4hr minor support level is likely unimaginable, they were more than likely trading there unaware of the potential 4hr demand area below (levels above). Trading is currently taking place deep within this 4hr demand area and the buyers are seen reacting off of the round number 0.79000 at the moment. Considering our higher-timeframe location, we are favoring buys out of the 4hr demand area just mentioned. If the buyers manage to consume the sellers around the high 0.79170, we could possibly see a nice move up to the 4hr S/R flip level at 0.79358 at the very least.

Pending/P.A confirmation orders:

• The pending buy order (Green line) set just above demand (0.78862-0.79048) at 0.79076 is now active, so do keep an eye out for our first take-profit level to be hit at 0.79170.
• No P.A confirmation buy orders (Red line) are seen in the current market environment.

• No pending sell orders (Green line) are seen in the current market environment.
• 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 (Active) (SL: 0.78846 TP: 0.79170 0.79358 0.79679) P.A.C: No P.A confirmation buy orders are seen in the current market environment.

• Areas to watch for sell orders: P.O: No pending sell orders are seen in the current market environment. P.A.C: No P.A confirmation sell orders are seen in the current market environment.
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