EUR/GBP is trading near some serious weekly demand at the moment
4hr TF.
The higher-timeframe picture resembles the following:
• The weekly chart shows the sellers have nearly reached the weekly demand area at 0.76931-0.78623. Any short orders currently in the market should now be carefully monitored.
• A break south has been seen below daily demand at 0.78862-0.79206, price should be relatively free now to hit the next daily demand area below at 0.78117-0.78533.
Following on from the last analysis, the round number 0.79000 proved to be weak, along with the 4hr demand area at 0.78862-0.79048 as price has closed below the both of these areas. We are trading ever so close to weekly demand now (see above) so any long-term shorts will need to be closely monitored around this area. Saying this though, price could, and we emphasize the word ‘could’ here, still drop down lower within the weekly demand area (see above for the levels) before seeing higher prices.
A small rally north has already been seen from the low 0.78729 to the round number 0.79000 where the sellers at the time of writing are beginning to show a little interest. If we see a close above the aforementioned round number, price will likely test the 4hr decision-point area at 0.79277-0.79170, from here a bearish reaction could well be seen, which could take prices down to as low as the 4hr demand area at 0.78602-0.78320 (seen lower on the chart), where we expect serious buyers to come into the market if price reaches this far.
Pending/P.A confirmation orders:
• No pending buy orders (Green line) are seen in the current market environment.
• 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.
• Pending sell orders (Green line) are seen just below a decision-point area (0.79277-0.79170) at 0.79143. The reasoning behind a pending sell order being set here is that pro money will likely require liquidity, so a push up to the aforementioned 4hr decision-point area may well be seen before lowers prices are.
• No P.A confirmation sell orders (Red line) are seen in the current market environment.
• Areas to watch for buy orders: P.O: No pending buy orders are seen in the current market environment. 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) 0.79143 (SL: 0.79313 TP: Dependent on price approach). P.A.C: No P.A confirmation sell orders are seen in the current market environment.
The higher-timeframe picture resembles the following:
• The weekly chart shows the sellers have nearly reached the weekly demand area at 0.76931-0.78623. Any short orders currently in the market should now be carefully monitored.
• A break south has been seen below daily demand at 0.78862-0.79206, price should be relatively free now to hit the next daily demand area below at 0.78117-0.78533.
Following on from the last analysis, the round number 0.79000 proved to be weak, along with the 4hr demand area at 0.78862-0.79048 as price has closed below the both of these areas. We are trading ever so close to weekly demand now (see above) so any long-term shorts will need to be closely monitored around this area. Saying this though, price could, and we emphasize the word ‘could’ here, still drop down lower within the weekly demand area (see above for the levels) before seeing higher prices.
A small rally north has already been seen from the low 0.78729 to the round number 0.79000 where the sellers at the time of writing are beginning to show a little interest. If we see a close above the aforementioned round number, price will likely test the 4hr decision-point area at 0.79277-0.79170, from here a bearish reaction could well be seen, which could take prices down to as low as the 4hr demand area at 0.78602-0.78320 (seen lower on the chart), where we expect serious buyers to come into the market if price reaches this far.
Pending/P.A confirmation orders:
• No pending buy orders (Green line) are seen in the current market environment.
• 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.
• Pending sell orders (Green line) are seen just below a decision-point area (0.79277-0.79170) at 0.79143. The reasoning behind a pending sell order being set here is that pro money will likely require liquidity, so a push up to the aforementioned 4hr decision-point area may well be seen before lowers prices are.
• No P.A confirmation sell orders (Red line) are seen in the current market environment.
• Areas to watch for buy orders: P.O: No pending buy orders are seen in the current market environment. 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) 0.79143 (SL: 0.79313 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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