EURGBP Analysis

OANDA:EURGBP   Euro / British Pound
Price currently consolidating - EURGBP has been in a downtrend for a while and we can expect to see price either making a push upwards or a push downwards. However, for me I can see that the bullish momentum has been filled out with a bearish push downwards so the need for another bearish push would be less expected. Also, there is a double bullish pin bar within the consolidating area itself, which again ticks the box for the possibility of a bullish movement. Furthermore, GBP has been at a rise for a long time and the time for it to have a short decline in price would be expected within this week, so I am going to say that for the next day EURGBP will have a slight push upwards to meet the previous highs and if this push ends up defeating that key level then we will wait for a retest to see if we can maintain that level and if so then that is an entry we can take. But, if price fails to surpass this key level then I will carry on looking for sells within the area. Hope this analysis helps you, good luck and take it slow traders!
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Very good, visit my profile too
+1 Reply
Envious_ Dave-FX-Hunter
@Dave-FX-Hunter thank you I’ve been learning a new method and trying to apply it to real-time :)
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