Market NewsTechnical Analysis

EUR/GBP: Bull Dominates with Several Support Levels

  • EUR/GBP seems to be bullish on the H4 chart.
  • The pair trades above the simple moving average 30.
  • The H1 chart looks bullish by obeying a trend line.
  • Intraday minor charts look bullish.
EUR/GBP H4 Chart
EUR/GBP H4 Chart

EUR/GBP- Technical Analysis-H4 Chart

The chart shows that the price, upon finding its support at 0.86000, has been heading towards the North. On its way, it has made a significant bullish breakout at the SMA 30. The chart confirmed the breakout. Thus, the buyers may keep their eyes on the pair to go long from the value areas. The price may find its resistance around the last swing high at 0.87500. As things stand with the pair, it may end up making a breakout at the last swing high and make a new higher high.

EUR/GBP H1 Chart
EUR/GBP H1 Chart

Price Action Analysis- H1 Chart

The chart shows that the price has been up trending by obeying a trend line. At the last bounce, it produced a morning star and headed towards the North with good momentum. It then made a bearish correction. Upon finding its support, it produced a bullish engulfing candle. However, the buyers do not seem to be that confident to go long and push the price upside. A bullish reversal pattern at the trend line’s support may attract them to go long in the pair. The price may find its resistance around 0.87500.

Considering both charts, it seems that the pair may be dominated by the buyers. The last swing high may come into play later. It means the bull has enough space to travel towards the North. As things going with the pair on both charts, considering the SMA 30’s support on the H4 chart and trend line on the H1 chart, the pair may remain very bullish. Thus, it may end up making a breakout at the last swing high and make a new higher high.

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

Contact and follow Tareq on Twitter: @tareqfpn

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