ICmarkets

EUR/GBP Weekly outlook and review.

FX:EURGBP   Euro Fx/British Pound
20 0 0
Weekly TF.

In our opinion, price has still yet to fully hit the weekly demand area at 0.79631-0.78623, however it appears from last week’s trading, pro money may have all the liquidity they require to begin a push up, as price has traded right into a minor weekly supply area at 0.80328-0.79780. We have seen pro money do this time and time again, they turn price just before an important area essentially creating a ‘dummy’ demand in this case, only to use this area later for liquidity to fake out below into a true area of weekly demand, so do be aware of this. If we see a positive close above the aforementioned minor weekly supply area, we will then re-evaluate as this indicates serious buying strength to us.

Daily TF.

Friday saw an awesome looking full-bodied bullish candle right from daily demand at 0.78862-0.79206 up to the daily S/R flip level at 0.79751. The daily supply area sitting just above is where we are going to be watching this week at 0.80328-0.80024 as this is very deep within the aforementioned minor weekly supply area. If we see a daily close above this area, it would likely indicate that a fakeout did occur below the daily demand area below at 0.78862-0.79206, and we could indeed be heading much higher from here, nonetheless, we expect a good fight to be put up by the sellers before a close above this area is seen!

4hr TF.

The selling interest seen around the 4hr S/R flip level quickly dried up as price shot up to 4hr supply at 0.79795-0.79684, and from what we can see has likely consumed most of the sellers with that spike/wick seen just above.
We may have just been given an early indication that higher prices are likely to be seen as the path is now possibly clear up to at least the big figure 0.8, or even 4hr supply above at 0.80264-0.80133 as this round number is begging to be faked past up to true 4hr supply just mentioned. All this means really is we are likely going to trade deeper into the minor weekly supply and hit daily supply within (see above for details).

However before this happens we should be prepared for a decline in value down to around a beautiful-looking 4hr decision-point area at 0.79240-0.79408 as pro money may not have the liquidity for a further push up, hence the need to drop price lower to entice sellers to join, and then begin buying into these sells are we drop down to the aforementioned 4hr decision-point area.

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. Our 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.
• New pending buy orders (Green line) are seen just above a decision-point area (0.79240-0.79408) at 0.79427. The reasoning behind placing an order such as this here is because this is likely the area on the 4hr timeframe where pro money made the decision to shoot prices north so aggressively likely indicating unfilled buy orders are remaining.
• No P.A confirmation buy orders (Red line) are seen in the current market environment.

• New pending sell orders (Green line) are seen just below a supply area (0.80264-0.80133) at 0.80110 as this is very likely the area where price will be brought too, not to mention it is a perfect place to be faked out into past the round number 0.8.
• The P.A confirmation sell order (Red line) set just below the 4hr S/R flip level at 0.79358 at 0.79293 has been removed as the sellers could not consume any buyers around the low 0.79134.



Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Billing Sign Out