ICmarkets

EUR/GBP: Further selling is expected to be seen.

FX:EURGBP   Euro Fx/British Pound
67 0 0
Weekly Timeframe: The weekly timeframe shows that price is still ranging between a major weekly demand area at 0.76931-0.78623, and a weekly resistance level coming in at 0.80328. With that being said, anyone one considering buying the Euro             at the moment may want to hold fire, since price is currently trading around the upper limits of this range (0.80328). Let’s see what the lower timeframes show.

Daily Timeframe: The daily timeframe shows that selling interest has been seen around a daily Quasimodo resistance level at 0.80351, which to be fair is literally the same as the weekly 0.80328 level (see above). With that being said, for further selling to be seen, a minor daily decision-point demand area at 0.79538-0.79851 will need to be consumed for further selling to be possible.

4hr Timeframe: Our short trade taken at 0.80227 is still active, and we have also added another small sell position at 0.79974 on the retest of 0.8. This is how we see this pair at the moment:

For levels, see above if not stated here.

1. Price is trading around a weekly resistance level at the moment, meaning our bias is predominantly south for the time being.

2. Yes, price is currently trading around a minor daily decision-point demand area at 0.79538-0.79851 and higher prices could well ensue, but we still favor lower prices as the higher-timeframe picture usually takes precedence in our opinion.

3. The 4hr timeframe shows room to move lower to at least a 4hr demand area coming in at 0.79538-0.79636 (located within the minor daily decision-point area mentioned just above).

So, with these three points in mind, we remain comfortable holding our selling positions down to at least the aforementioned 4hr demand area, where at which point we’ll be watching the lower timeframes for any sign that the market is reversing. By all means, if price consumes this area, our next target to watch for price action would be around 0.79430, just above a small 4hr decision-point demand area at 0.79341-0.79410.

Buy/sell levels:

• Buy orders: N/A (Predicative stop-loss orders seen at: N/A).

• Sell orders: 0.80227 (Predicative stop-loss orders seen at: 0.80473).


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