EURGBP, Sellers Doesn't Seem To Have Given Up
Price appears to be face struggles to recover from the 2 week low.
While the break from the ascending trendline could help sellers to attack the monthly bottom at around 0.856 price level
Key Factors:
-Price had broken out the ascending trendline with a relatively strong bearish momentum
-Consolidating at two-week low
-Rejections at the previously broken out support ~ current resistance near the 0.382 Fib
Entry Conditions:
-Selling at Resistance Zone near the 0.382 Fib level when further rejections are presented with a more prominent confirmation
-Short Term Buy if price breaks Resistance Zone and 0.5 Fib level with retest and direction confirmation at new support
Potential Targets & Important Levels to Look at:
-Downside movements towards and around 0.856 level
-Cautions at 0.5 Fib level, as a bullish break could change the short term bias
While the break from the ascending trendline could help sellers to attack the monthly bottom at around 0.856 price level
Key Factors:
-Price had broken out the ascending trendline with a relatively strong bearish momentum
-Consolidating at two-week low
-Rejections at the previously broken out support ~ current resistance near the 0.382 Fib
Entry Conditions:
-Selling at Resistance Zone near the 0.382 Fib level when further rejections are presented with a more prominent confirmation
-Short Term Buy if price breaks Resistance Zone and 0.5 Fib level with retest and direction confirmation at new support
Potential Targets & Important Levels to Look at:
-Downside movements towards and around 0.856 level
-Cautions at 0.5 Fib level, as a bullish break could change the short term bias
Comment:
Bias changed to buy as price broke the 0.5 Fib level