ICmarkets

EUR/GBP: Technical outlook and review

FX:EURGBP   Euro Fx/British Pound
80 0 0
Weekly Timeframe: The weekly timeframe shows that price has been, and still remains to be consolidating between a weekly resistance level seen at 0.80328, and a major weekly demand area coming in at 0.76931-0.78623.

Daily Timeframe: The situation on the daily timeframe shows that the buyers are currently holding above an ignored daily supply area coming in at 0.79109-0.78917. In the event that this area fails to hold, further selling would likely see prices hit a daily demand area coming in at 0.78007-0.78336, which is conveniently located within the weekly demand area mentioned above at 0.76931-0.78623.

4hr Timeframe: We can see from the 4hr timeframe that the market is currently being held lower by a small, almost invisible 4hr decision-point supply area seen at 0.79550-0.79499. This is what we believe to be stopping prices moving higher off of the ignored daily supply area (see above).

Considering we have little to no direction on the weekly timeframe , and hesitant buyers on the daily timeframe , this remains a very hard market for us to trade in, unless of course you trade ranges, in which case this is dreamy price action with potential buys seen at 0.79026, and sells at 0.79479. However, we would advise anyone considering trading these levels to do so only with confirming price action from the lower timeframes, as consolidated areas such as this tend to be prone to fakeouts.

In our humble opinion, it would be best to wait for price to breakout and then look to trade the retest here, as the room both above and below the range is fantastic good risk/reward trades.

Buy/sell levels:

• Buy orders: 0.79026 (Predicative stop-loss orders seen at: Dependent on where the level is confirmed).

• Sell orders: 0.79479 (Predicative stop-loss orders seen at: 0.79582).

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