Price has returned to the support level of the ascending channel. Previously, the price has rejected at this support line and turned bullish towards resistance.
currently, the price is touching on the 200 day EMA. If price holds at the 200 EMA and the bulls come into play, I believe we could see some bullish momentum for GBP/EUR towards the 1.270 level (an area of previous resistance).
Before I enter a long trade, I will look to see if the price holds at the 200 EMA and then look for rejection at the support level by looking for closed 4JH bullish candles.
GBP has been volatile recently, so this trade should be taken with caution, knowing that fundamentals could come into play and cause unexpected movements.
currently, the price is touching on the 200 day EMA. If price holds at the 200 EMA and the bulls come into play, I believe we could see some bullish momentum for GBP/EUR towards the 1.270 level (an area of previous resistance).
Before I enter a long trade, I will look to see if the price holds at the 200 EMA and then look for rejection at the support level by looking for closed 4JH bullish candles.
GBP has been volatile recently, so this trade should be taken with caution, knowing that fundamentals could come into play and cause unexpected movements.