Here I have EUR/GBP on the 4Hr Chart!
Price seems to be stuck in Consolidation but with a closer look, there tends to be a slight Rising Channel in the mix!!
I suspect Next Week (Feb. 11th - 16th) we will see massive movement in this pair simply because of how heavy GBP is with news those days!
Now initially this looks like a potential Bear Flag to me with this PA happening after a strong decline!
BUT
Being unbiased, if Price does find its way down to the Support Area, being unable to break and news for GBP comes in Negative, we could see EUR gathering Buying Pressure and price heading up!!
Fundamentally the 11th-16th:
EUR - Clear
GBP - Gov Bailey Speaks (Mon), Claimant Count Change & AHE (Tue), CPI (Wed), GDP (Thu), Retail Sales (Fri)
Price seems to be stuck in Consolidation but with a closer look, there tends to be a slight Rising Channel in the mix!!
I suspect Next Week (Feb. 11th - 16th) we will see massive movement in this pair simply because of how heavy GBP is with news those days!
Now initially this looks like a potential Bear Flag to me with this PA happening after a strong decline!
BUT
Being unbiased, if Price does find its way down to the Support Area, being unable to break and news for GBP comes in Negative, we could see EUR gathering Buying Pressure and price heading up!!
Fundamentally the 11th-16th:
EUR - Clear
GBP - Gov Bailey Speaks (Mon), Claimant Count Change & AHE (Tue), CPI (Wed), GDP (Thu), Retail Sales (Fri)
Comment:
On Market Open, Price opened up right back in the Channel!
= FALSE BREAK!!
= FALSE BREAK!!
Be advised! This Break DID NOT BREAK THROUGH SUPPORT YET!
So there is still a chance this pair stays consolidated!!
Now we watch for if this move was a FALSE BREAK!