ICmarkets

EUR/GBP: We are expecting lower prices from here.

FX:EURGBP   Euro Fx/British Pound
20 0 2
4hr TF.

The higher-timeframe picture resembles the following:

• Weekly TF: A push higher into the weekly decision-point area at 0.80328-0.79780 has been seen, with the sellers showing very little interest at the moment. A close above here would likely clear the path north to around a weekly supply area at 0.81397-0.80805.

• Daily TF: The spike down (0.79165) to daily demand at 0.78862-0.79206 sent price right up to the daily supply area at 0.80328-0.80024, where sellers are beginning to show a little interest at the moment.

So far, price did as expected; we have seen a fakeout above both the ‘dummy’ supply area in pink at 0.79964-0.79905, and the round number 0.8 straight into the 4hr supply area at 0.80264-0.80133.

From the aforementioned 4hr supply area, the sellers brought price down to the round number 0.8, which was our first take-profit level. Following a touch of the round number, which would make a nice entry long as a retest, price is currently seen pushing higher into the 4hr supply area. Ideally what we want to see is price close below the round number, we then see very little to the left stopping price from reaching our second target around the 4hr S/D flip area (0.79792-0.79689) at 0.79803, which is not too much to ask considering price is now trading within both a weekly decision-point area at 0.80328-0.79780, and a daily supply area at 0.80328-0.80024.

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.
• No P.A confirmation buy orders (Red line) are seen in the current market environment.

• The pending sell order (Green line) set just below the 4hr supply area (0.80264-0.80133) at 0.80110 is now active. Our first take-profit level has been hit already at 0.8, so do keep an eye on our second take-profit target set below at 0.79803.
• 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 how price approaches) 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 (Active) (SL: 0.80295 TP: 0.8 0.79803… May be subject to change) P.A.C: No P.A confirmation sell orders are seen in the current market environment.
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