ICmarkets

EUR/GBP Weekly technical outlook and review.

FX:EURGBP   Euro Fx/British Pound
15 0 0
Weekly TF.

The weekly timeframe still shows the overall trend is down, however huge weekly demand at 0.76931-0.78623 is getting ever so closer week-by-week. To the left, there is very little in the way of obvious weekly demand on this timeframe to stop price from hitting the aforementioned weekly demand area within a few weeks or so.

Daily TF.

Price still remains trading between daily demand at 0.78862-0.79206 and a minor daily S/R flip level at 0.79751. Taking the weekly timeframe into consideration for a moment, and remembering lower prices are likely expected, a break of the daily demand area will quite possibly see a break south very soon; this will likely see prices dropping to daily demand below at 0.78117-0.78533.

4hr TF.

It was reported in the last analysis that the first trouble level for the buyers around the 4hr demand area at 0.78862-0.79048 would likely be around the high 0.79170, and if we see a clean break above there, price could very well advance to the 4hr S/R flip level at 0.79358.

Well, price did break above the high 0.79170 and also made an attempt to touch base with the 4hr S/R flip level at 0.79358 before the sellers once again got involved and hammered price back down to the aforementioned 4hr demand area. It is very difficult for us at the moment as the weekly timeframe and daily timeframe are currently giving conflicting signals. Notice that the weekly timeframe shows price is declining ever so closer to weekly demand (see above) while the daily timeframe shows the buyers reacting out of daily demand (levels above), so until we see some sort of direction on the higher timeframes, we are going to be very careful regarding targets and stop-loss placements on the 4hr timeframe. However if we see a push back up to the 4hr S/R flip level at 0.79358, and break above it, we can likely expect price to rally to a nice 4hr supply area at 0.79795-0.79684, conversely, a break below the 4hr demand area (levels above) could force price to test 4hr demand at 0.78602-0.78320.

Pending/P.A confirmation orders:

• The pending buy order (Green line) set just above demand (0.78862-0.79048) at 0.79076 is now active, our first take-profit level has been hit at 0.79170, so do keep an eye out for our second take-profit level set at 0.79358.
• No P.A confirmation buy orders (Red line) are seen in the current market environment.

• Pending sell orders (Green line) are seen just below a supply area (0.79795-0.79684) at 0.79651. The reason for a pending sell order being set here, rather than a P.A confirmation sell order was because this area looks very hot for a first-time reaction. Notice how price faked above the S/R flip level at 0.79679 then dropped back down, there is very likely unfilled sell orders still lurking around this area, hence the need for a pending sell order.
• 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 (Active) (SL: 0.78846 TP: 0.79170 0.79358 0.79679) P.A.C: No P.A confirmation buy orders are seen in the current market environment.

• Areas to watch for sell orders: P.O: 0.79651 (SL: 0.79828 TP: Dependent on price approach). P.A.C: No P.A confirmation sell orders are seen in the current market environment.


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