Market NewsTechnical Analysis

EUR/GBP: Bull’s Territory but the Buyers Wait for Opportunities

  • EUR/GBP has been bullish on the H4 Chart.
  • The pair trade above the last week’s high.
  • Simple Moving Average 30 has been working as a support.
  • Intraday price action favors the bull.
EUR/GBP H4 Chart
EUR/GBP H4 Chart

EUR/GBP-Technical Analysis-H4 Chart

The H4 chart shows that the price has been up trending by having support from Simple Moving Average 30. This week the price consolidated around 0.86300 for a while. It then made a bullish breakout and traded above the level. As of writing, the pair trades above that broken horizontal level. The buyers may keep their eyes on the pair to go long and push the price towards the upside further. The price may find its next resistance around 0.86680.

On the downside, if the pair makes a bearish breakout at the last week’s high, the sellers may keep their eyes on the pair to go short below the SMA 30. As things stand with the pair, the pair is going to take time to get bearish.

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 bullish trend line. At the last bounce, the pair produced a bullish engulfing candle and consolidated for a while. Subsequently, it produced another bullish engulfing candle, but it did not continue its bullish move. As of writing, the pair has been heading towards the downside to make a bearish correction. The buyers may keep their eyes on the pair to go long around the trend line’s support. A bullish reversal pattern around the trend line’s support may push the price towards the North again with good momentum. The chart shows that it may find its resistance around 0.86680.

Both charts favor the buyers. However, they must wait for the price to come at the value areas to make a trading decision.

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

Contact and follow Tareq on Twitter: @tareqfpn

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