Market NewsTechnical Analysis

EUR/GBP: Choppy H4, Bear is ahead in H1?

EUR/GBP Struggles
  • EUR/GBP trades around the SMA 30’s resistance.
  • The pair looks choppy on the H4 yet to find its direction.
  • The H1 chart looks bearish trading around a horizontal resistance.
  • Intraday minor charts have been bearish.
EUR/GBP H4 Chart
EUR/GBP H4 Chart

EUR/GBP – Technical Analysis- H4 Chart

The chart shows that the pair trades around the simple moving average 30 for a while. The price made a bearish breach and traded below it. However, recent price action suggests that the moving average 30 may not play a vital role to determine its next move.

A bullish move above the swing high may push the price towards the North. The price may find its next resistance around 0.86000. On the other hand, if the chart produces a bearish reversal signal and goes below 0.85450, the sellers may drive the price towards the South. In that case, it may find its support around 0.85000.

EUR/GBP H1 Chart
EUR/GBP H1 Chart

Price Action Analysis- H1 Chart

The chart shows that the price after making a bearish move and breaching a significant support at 0.85530. The pair after trading below the support for a while, it made a bullish correction. As of writing, the current candle has been bearish. The sellers, of course, would be eagerly waiting for the chart to produce a bearish reversal candle to go short in the pair. The price may find its support around 0.85400.

On the contrary, if the price breaches the resistance, the buyers may wait for the chart to confirm the breakout followed by a bullish reversal signal to go long in the pair. The price may find its resistance around 0.85650.

Considering both charts, it seems that the bear is slightly ahead than bull. The H4 looks a bit indecisive, but the H1 looks good for the sellers. This may play a vital role to determine its next route.

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

Contact and follow Tareq on Twitter: @tareqfpn

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