ICmarkets

EUR/GBP: Looking for a close above the high 0.80318

FX:EURGBP   Euro / British Pound
45 0 1
4hr TF

The higher-timeframe picture resembles the following:

• Weekly TF: A small spike above the weekly decision-point area has been seen at 0.80328-0.79780, this spike above has likely cleared some of the sellers out indicating the path north to around weekly supply above at 0.81397-0.80805 is relatively free.

• Daily TF: A spike (0.80351) above daily supply at 0.80328-0.80024 has been seen, this spike has likely stopped out a lot of sellers attempting to fade the area. With these sellers consumed, price is very likely free to move up to the next area of interest around a daily S/R flip level at 0.80809. However, before this happens, do be prepared for decline in value back down to daily demand at 0.78862-0.79206 at least, since pro money may not have the required liquidity (sell orders for their buys) for a push further up just yet.

A clear push below the round number 0.8 was indeed seen. However, it was reported in the last analysis that if the buyers were completely consumed around the round number level, we would see a sharp decline down to the 4hr S/D flip area at 0.79792-0.79689. A sharp decline was seen, but price just missed the aforementioned 4hr S/D flip area by a few pips before price rallied back up to 4hr supply at 0.80264-0.80133.

If we see a close above the high 0.80318 marked with a red circle, then there’s very little stopping price from hitting the 4hr supply area at 0.80619-0.80409. Here’s why, The wick/high seen at 0.80351 marked with a green arrow likely cleared most of the remaining sellers around the supply area marked with a black circle at 0.80309, meaning there is very little to stop price hitting the aforementioned 4hr supply area, where we currently have a pending sell order ready and waiting at 0.80387.

Pending/P.A confirmation levels:

• No pending buy orders (Green line) are seen in the current market environment.
• The P.A confirmation buy level (Red line) set just above the round number 0.8 at 0.80017 has now been removed since price traded too far below the entry level.

• Pending sell orders (Green line) are seen just below 4hr supply (0.80619-0.80409) at 0.80387. The reasoning for placing a pending sell order here is simply because the momentum from the supply base was very good, and this area remains fresh.
• No P.A confirmation sell levels (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 levels are seen in the current market environment.

• Areas to watch for sell orders: P.O: 0.80387 (SL: 0.80648 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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