Market NewsTechnical Analysis

EUR/GBP: Bull Gets Ready to Make a Long Move

EUR/GBP Forex
  • EUR/GBP has had multiple bounces at a horizontal support.
  • The pair made a breakout at the neckline of a double bottom.
  • The H1 chart looks choppy; may get bullish later.
  • Intraday minor charts are yet to find their direction.
EUR/GBP H4 chart
EUR/GBP H4 chart

EUR/GBP – Technical Analysis- H4 chart

The chart shows that the price had multiple bounces at 0.85500. At the last bounce, it produced a bullish inside bar. However, it has continued its bullish journey after having a bearish correction. On its way, it made a breakout at the level of 0.85870. This may be considered as a neckline breakout. As of writing, the pair trades above the breakout level. A bullish reversal candle may push the price towards the North. The price may find its resistance around 0.86500.

On the contrary, the sellers must wait for the price to produce a bearish reversal pattern at the value areas. If the price makes a bearish breakout at the swing low, it may get bearish again as well.

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 las bounce, it produced a bullish inside bar and headed towards the North in a hurry. On its way, it made a breakout at 0.85850. The price then made a bearish correction and found its support at the flipped level. The buyers may keep their eyes to go long from this zone upon having bullish reversal signal. The price may find its next resistance around 0.86000. A breakout above the level may push it towards the North further. In that case, it may find its resistance around 0.86300.

The sellers, on the other hand, may wait for the price to make a bearish move or make a breakout at the trend line to find short opportunities. As things stand, it may take time. Meanwhile, the buyers may dominate in the pair and push it towards the North for a long journey.

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

Contact and follow Tareq on Twitter: @tareqfpn

Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Our Newsletter

Subscribe to ForexPropNews Trading Newsletters

Receive the best-curated content by our editors for the week ahead.

Mini Charts

Related Articles

Dollar Steady; Gold and Oil Prices Face Challenges: Market Focus

Quiet start to the week with no major news. DXY steadying around...

Profit-Taking and Tech Sector Weakness Drive Down Asia-Pacific Markets

Asia-Pacific markets declined on Friday, reflecting Wall Street’s tech stock sell-off. Japan’s...

Asia-Pacific Markets Plunge on Chip Stock Declines: Market Watch

Asia-Pacific markets plummeted on chip stock declines, reflecting global economic uncertainties and...

Forex Focus: Dollar Strength and Market Movements in Asia

U.S. retail sales in June held steady at $704.3B, buoyed by non-store...

Featured educational content

EXPLORE MORE

Featured educational content

New to Forex? Learn to Read Charts Like a Pro

Dive into forex trading basics: chart reading, candlesticks, technical indicators, timeframes, currency pairs. Start your journey to trading success today!

Video: How I Re-Programmed My Mind to be a Consistent Trader (Thanks to The Wolf of Wall Street)

How I Re-Programmed My Mind to be a Killer Trader (Thanks to The Wolf of Wall Street)

Video: This Invisible Trading Indicator Tells you What Day Trade (Not Just Price)

This Invisible Trading Indicator Tells you WHEN to Trade (Not Just Where)

Technical Analysis: Chart Patterns and Indicators for Profitable Investments

Navigate stocks with confidence using chart patterns like Head and Shoulders, indicators such as MACD, and tools like trendlines. Master technical analysis for...

Latest News

Dollar Steady; Gold and Oil Prices Face Challenges: Market Focus
Market News

Dollar Steady; Gold and Oil Prices Face Challenges: Market Focus

Quiet start to the week with no major news. DXY steadying around 104.30, gold above $2,400, oil climbing slightly.

Profit-Taking and Tech Sector Weakness Drive Down Asia-Pacific Markets
Market News

Profit-Taking and Tech Sector Weakness Drive Down Asia-Pacific Markets

Asia-Pacific markets declined on Friday, reflecting Wall Street’s tech stock sell-off. Japan’s inflation remained steady, and chip stocks showed resilience.

Copyright © 2023 Forex Prop News. All Rights Reserved.