Market NewsTechnical Analysis

EUR/GBP: Does The Bear Find Its Ground?

  • EUR/GBP is about to make a decision to find its next route on the H4 chart.
  • The pair has had its second rejection at a significant level of resistance.
  • The H1 chart looks bearish.
  • Intraday minor charts have been very bearish.
EUR/GBP H4 Chart
EUR/GBP H4 Chart

EUR/GBP- Technical Analysis- H4 Chart

The H4 chart shows that the price consolidated around 0.87000 at the very end of the last week. At the beginning of the current week, it made a bearish move from there. The buyers pushed the price towards the North upon finding a bullish engulfing candle. However, the resistance made the price had another rejection. As of writing, the price has been heading towards the South with good bearish momentum. If it ends up making a breakout at simple moving average 30, the sellers may keep their eyes to go short upon having breakout confirmation. The price may find its support around 0.86250. On the other hand, If it comes out as a false breakout, the buyers may look to go long above the SMA 30. The price may get very bullish if it goes above 0.87000.

EUR/GBP H1 Chart
EUR/GBP H1 Chart

Price Action Analysis- H1 Chart

The chart shows that the price has been heading towards the South in a hurry. It may find a support around 0.86685. If it consolidates there, the sellers may wait for the chart to produce a bearish reversal candle followed by a breakout at the level to go short in the pair. The price may find its next support around 0.86530.

The buyers, on the other hand, may want to wait for the level to hold the price and produce a bullish reversal pattern to go long in the pair. In case of a bullish move, the pair may find its resistance around 0.87000 again.

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

Contact and follow Tareq on Twitter: @tareqfpn

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