ICmarkets

EUR/GBP Technical outlook and review

FX:EURGBP   Euro / British Pound
82 0 1
Daily TF.

The buyers, at the time of writing really seem to be pushing hard into this minor S/R flip level at 0.79581 with little to no interest being seen by the sellers.

4hr TF.

The market opened at 0.79393 with the buyers wasting no time in pushing price back up to the 4hr S/R flip level at 0.79679 where a small bearish reaction is currently being seen.
We still expect lower prices from here to at least the low seen at 0.79139, as the path south is relatively clear of any obvious demand (trouble) areas.

Pending/P.A confirmation orders:

• Pending buy orders (Green line) are seen just above demand (0.78862-0.79048) at 0.79076. A pending buy order is placed here due to the aforementioned 4hr demand area’s location in the higher timeframes (Within the compressed green arc from weekly demand: 0.76931-0.78623… Seen on Monday 7th July analysis), and daily demand at 0.78862-0.79206.
• 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 S/R flip level (0.79679) at 0.79641 is now active. Our first target has been hit at 0.79388, so do keep an eye on our second target below at 0.79139.
• No P.A confirmation sell orders (Red line) are seen in the current market environment.

• Areas to watch for buy orders: P.O: 0.79076 (SL: 0.78846 TP: Dependent on price approach) P.A.C: No P.A confirmation buy orders are seen in the current market environment.

• Areas to watch for sell orders: P.O: 0.79641 (Active – 1ST target hit) (SL: 0.79747 TP: 0.79388 0.79139). P.A.C: No P.A confirmation sell orders are seen in the current market environment.

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