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Market NewsTechnical Analysis

EUR/GBP: A Bullish Trend Line is in Play

October 18, 20231 Mins read61 Views
  • EUR/GBP has been bullish by obeying a trend line.
  • The pair seems to have found its horizontal support at a flipped level.
  • The H1 chart looks bearish.
  • Intraday minor charts have been bearish.
EUR/GBP H4 Chart
EUR/GBP H4 Chart

EUR/GBP- Technical Analysis- H4 Chart

The H4 chart shows that the price has been heading towards the North by obeying a bullish trend line. On its second bounce, it produced a Hammer and headed towards the upside in a hurry. It had a rejection around 0.86900 and produced a bearish inside bar. It then had a bullish correction and produced another bearish inside bar at the second rejection. The price then headed towards the South with good bearish momentum. However, the trend line still holds the price as a support. Thus, the buyers may keep their eyes on the pair to go long from the value areas upon getting bullish reversal pattern.

The price may find its resistance around the last swing high at 0.86900 again. A breakout at that level may make the pair very bullish and push it towards the North further. The price in that case may find its resistance around 0.87040.

On the downside, if the price breaches the trend line, the sellers then may find some short opportunities. As things stand with the pair on this chart, it may need time to offer short entries to the sellers.

EUR/GBP H1 Chart
EUR/GBP H1 Chart

Price Action Analysis- H1 Chart

The chart shows that the price has been traded around a flipped level of resistance. The price had a bounce earlier today. Thus, the sellers may consider it as an intraday breakout level. If the H1 chart produces a bearish reversal pattern right at 0.86710, the sellers may go short in the pair and drive the price towards the downside. The price may find its support around 0.86400.

On the contrary, if the price breaches that horizontal resistance, the buyers may push the price towards the higher high. It may end up making a new higher high here. In that case, the price may find its resistance around 0.87000.

Written by: Md Tareq Sikder, Senior Analyst Forex Prop News

Contact and follow Tareq on Twitter: @tareqfpn

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