Consolidated or Channeled??? - EG

Euro Fx/British PoundFXCM

Description

⋅ Feb 9, 2024 4:04 PM

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)

Comment

⋅ Feb 11, 2024 3:21 PM

At Fridays close of the markets, EUR/GBP gave us a solid Bearish Break of the suspected Rising Channel!

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!

Comment

⋅ Feb 11, 2024 10:23 PM

On Market Open, Price opened up right back in the Channel!

= FALSE BREAK!!