There's a powerful resistance area that i marked it by rectangle.
I think price is in a downtrend channel.
Price doesn't have any power since 2 weeks ago , and the bulls are trying to push the price up but we don't have any acceptable volume for pushing up.
I think bears would win this game.
A unified gartley is about to complete on EURGBP , 30M. The swing identification algorithm is prex(12).
Historically, on this pair and this timeframe (30M), the pattern with this swing identification and with these ratios (B-point is 0.692and C-point is 0.676) has a higher probability for a reversal(uptill 0.522XA) rather than for a continuation (same distance...
EURGBP has made a strong sign of support on weekly chart.
Considering all GBP-related pairs, pounds has a great chance of getting weak after such long time struggling.
The blue box is a sideways movement for EURGBP to go with .
Up to the top, the new swing has 600 pips possibility .
LESS IS MORE!
EURGBP trading in potential downtrend channel with price having inscribed falling wedge which I anticipated to break upside.
Kindly follow the suggested Long zone on the chart and always remember to apply stop loss.
Level to watch for are:
POSSIBLE ENTRY ZONE
Possible Support LEVEL
Do know that I appreciate you taking the time to read my posts and...
Inspired by an indicator I found on stevehopwoodforex.com and the endless possibilities of tradingview.com I came up with this currency strength visualisation concept.
*Please hit the zoom-out button once*
(or more if you're feeling wild)
This may look like a mess, but the last few "bars" on the chart are holding some useful information!
I'm sure I'm not the...
EURGBP / H4 / Technical Chart
Formation: Cypher and Gartley Pattern
Risk Management: Fixed Lot Size
Wish you many pips
PS: Thank you very much that you support me with your likes and Comments
If you have another analysis at this pair, please share in comments, I will be glad to discuss with you.
Price tried to break the channel but failed. It will pull back a liitle and try once more.
We expect the breakout this time. It is safer to trade after the breakout.
You can try to catch the right shoulder of the H&S pattern
Thank you for your likes and comments
Market sentiment and plan:
Bearish gartley pattern formation on daily chart
Pattern completion point matches perfectly with structure resistance
Trend is bearish
On 4h chart the market is trading inside a rising wedge
Bearish breakout of the wedge is a perfect signal to sell the market
Initial target 0.86
A n inverted head and shoulders pattern seems to be forming on the 1D chart. The left shoulder has been completed and the head is currently being formed, over the short term period, we should see this pair climbing up to the neckline of the pattern. Then if it is a head and shoulders pattern we would see the right shoulder start to form. I will be updating this...