ICmarkets

EUR/GBP Technical outlook and review.

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

We have moved the minor S/R flip level up to where price reacted at 0.79751 showing price is now capped between the aforementioned minor S/R flip level and daily demand below at 0.78862-0.79206.

4hr TF.

A push above the 4hr S/R flip level at 0.79679 was seen which no doubt stopped lots of traders out both attempting to fade the level and also breakout buyers attempting to buy the break.

The sellers have recently been very aggressive as they have been pushing price south, and there is very little in the way of trouble demand areas to stop them, as reported in the last analysis. As a quick refresher, that tail marked with an arrow at 0.79251 is very important because it shows there is possibly very little demand left in and around this area. Pro money were seen rallying price higher between the 7th and 8th of July, this tail was merely sent down to collect more buyers, but in the process cleared the path for any future selling. Taking all of this into consideration a near-touch of the 4hr minor support level at 0.79139 is very much expected, with even the possibility of a fakeout past the aforementioned 4hr minor support level into true 4hr demand at 0.78862-0.79048.

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, 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 has been stopped out. Traders who managed this trade correctly should have got out with at least some profit.
• 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: No pending sell orders are seen in the current market environment. P.A.C: No P.A confirmation sell orders are seen in the current market environment.
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