EUR/GBP bulls move into a wall of resistance.
EUR/GBP is on the move but it has run into a wall of resistance on the daily chart, hamstringing it to the downside. The price is correcting the daily bearish impulse and would be expected to turn lower at this area of resistance. In doing so, a downside continuation could be in the makings for the days ahead.
From a 4-hour perspective, Bears will monitor for bearish structure from which to choose the optimal entry point to target the daily extension.
0.83217 guards lower levels as the prior support structure. A break there, then the area would be expected to act as a layer of resistance on a restest from below it.
EUR/GBP is on the move but it has run into a wall of resistance on the daily chart, hamstringing it to the downside. The price is correcting the daily bearish impulse and would be expected to turn lower at this area of resistance. In doing so, a downside continuation could be in the makings for the days ahead.
From a 4-hour perspective, Bears will monitor for bearish structure from which to choose the optimal entry point to target the daily extension.
0.83217 guards lower levels as the prior support structure. A break there, then the area would be expected to act as a layer of resistance on a restest from below it.