Market NewsTechnical Analysis

EUR/GBP: The Bull Looks Good to Make a Run

  • EUR/GBP has been bullish on the H4 chart.
  • The pair has found its horizontal support at a flipped level and trades above the SMA 30.
  • The H1 chart looks choppy.
  • Intraday minor charts may get bearish.
EUR/GBP H4 Chart
EUR/GBP H4 Chart

EUR/GBP- Technical Analysis-H4 Chart

The chart shows that the price has found its support at 0.86850. It produced a bullish inside bar and headed towards the North with a good momentum. As of writing, the pair seems to be having a bearish correction. The buyers may keep their eyes on the pair to go long around the SMA’s support. A bullish reversal pattern may push the price towards the North. The price may find its resistance around 0.87400.

On the other hand, if the price breaches the SMA 30, the pair may get choppy for a while. A bearish breakout at the flipped support may make the pair bearish and drive the price towards 0.86650.

EUR/GBP H1 Chart
EUR/GBP H1 Chart

Price Action Analysis- H1 Chart

The chart shows that the price has been having a strong bearish correction after making a bullish move. The buyers should be waiting for the price to find its support and produce a bullish reversal pattern to offer them long entries. The level of 0.87020 may hold the price as a support and push the price towards the upside. The buyers may keep their eyes on the price action around that level. The price may find its next resistance around 0.87250. A breakout above that level may make the pair very bullish and make a new higher high.

On the other hand, if the price breaches that marked level, the sellers may wait for the price to consolidate and produce a bearish reversal pattern at the flipped level of resistance to go short in the pair. The pair may find its support around 0.68820.

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

Contact and follow Tareq on Twitter: @tareqfpn

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