ICmarkets

EUR/GBP: Technical outlook and review.

FX:EURGBP   Euro / British Pound
29 0 1
Weekly Timeframe: A to-the-pip touch has been seen off of a weekly supply area at 0.81571-0.80635. Could this be enough to push prices down into the weekly demand area seen at 0.76931-0.78623? It certainly appears that way at the moment.

Daily Timeframe: The daily timeframe shows the Euro             has seen a serious decrease in value against the British pound as prices continue to plummet. A break below the daily demand area at 0.78905-0.79162 has recently been seen, this move has very likely consumed the majority of the buyers attempting to fade this area. If follow-through selling is seen from here, a touch of a fresh daily demand area at 0.78117-0.78533 (located within weekly demand at 0.76931-0.78623) may well be seen.

4hr Timeframe: The recent selling seen on this pair forced price to completely ignore the 4hr Quasimodo support level at 0.79165, once an ignored Quasimodo level is seen on the higher timeframe like this, there is usually a good opportunity to enter on the break, for instance, go down to the 15 minute timeframe, and check out the small drop base drop supply area at 0.79212-0.79115, this would have made for a fantastic touch trade with great risk to reward!

At the time of writing, the buyers and sellers are seen dancing around the round number 0.79. This level is showing definite weakness, and this could likely encourage follow-through selling down to the next significant area of 4hr demand seen at 0.78320-0.78602 (a pending buy order has been set just above at 0.78626), since the path south seems relatively clear of any demand (buying opposition). In addition to this, the 4hr demand area is located within not only within daily demand (0.78117-0.78533), but also weekly demand (0.76931-0.78623) as well, making this a high-probability trade indeed!

Pending orders/Price action confirmation levels:

• Areas to watch for buy orders: Pending orders: 0.78626 (Stop loss: 0.78298 Take profit: Dependent on how price approaches). Price action confirmation levels: No price action confirmation buy levels are seen in the current market environment.

• Areas to watch for sell orders: Pending orders: 0.79882 (Stop loss: 0.80103 Take profit: Dependent on how price approaches). Price action confirmation levels: No price action confirmation sell levels seen in the current market environment.
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