ICmarkets

EUR/GBP Technical outlook and review.

FX:EURGBP   Euro Fx/British Pound
68 0 0
Daily TF.

The sellers have pushed price so very deep into the daily demand area at 0.78862-0.79206 which possibly consumed all of the major buyers within this area. If we do not see much in the way of buying enthusiasm, be prepared for a strong break to the south.

4hr TF.

Price has dropped very deep into 4hr demand at 0.78862-0.79048 consuming the round number 0.79000 in the process. Just before most were thinking this areas going to break south going, the buyers made an appearance and bought heavily into it. The first trouble area seen for any current buyers in the market has to be (on this timeframe) around the high 0.79170, if we see a clean break above here, price could very well advance to the 4hr S/R flip level at 0.79358.

Pending/P.A confirmation orders:

• The pending buy order (Green line) set just above demand (0.78862-0.79048) at 0.79076 is now active, so do keep an eye out for our first take-profit level to be hit at 0.79170.
• No P.A confirmation buy orders (Red line) are seen in the current market environment.

• New 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.
• No P.A confirmation sell orders (Red line) are seen in the current market environment.

• Areas to watch for buy orders: P.O: 0.79076 (Active) (SL: 0.78846 TP: 0.79170 0.79358 0.79679) 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). P.A.C: No P.A confirmation sell orders are seen in the current market environment.

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