ICmarkets

EUR/GBP: Technical outlook and review.

FX:EURGBP   Euro / British Pound
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Weekly TF: The Euro initially gapped higher at the open (0.80099) allowing price to once again trade around the upper limits of the weekly decision-point area at 0.80328-0.79780. This move has potentially confirmed higher prices may be seen up to weekly supply coming in at 0.81571-0.80805.

Daily TF: The gap in price appears to have well and truly consumed the sellers around daily supply at 0.80161-0.79846, which has likely cleared the path north up to around daily supply at 0.81515-0.81145.

4hr TF: The 4hr timeframe shows really just how impressive the gap up at the open (0.80099) was, totaling almost 85 pips! The 4hr supply area at 0.80151-0.80085 saw a near-perfect bearish reaction (our pending sell order was filled in the process at 0.80068), with our first take-profit target getting hit at 0.79959. However, it was not long before prices reversed, and continued north stopping out our short position (a small profit was already locked in thankfully).

At the time of writing, price appears to be on full steam ahead towards a fresh 4hr supply area at 0.80619-0.80409. If price closes above the high (circled) 0.80351, we then very much expect the aforementioned 4hr supply area to be hit. We have set a pending sell order relatively deep within this zone at 0.80533, since on the 4hr timeframe this is where pro money likely made the decision to push prices south in the first place, hence unfilled sell orders may well remain there.

Pending orders/P.A confirmation levels:

• 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 levels are seen in the current market environment.

• Areas to watch for sell orders: P.O: 0.80533 SL: 0.80660 TP: Dependent on how price approaches). P.A.C: No P.A confirmation sell levels are seen in the current market environment.

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