Market NewsTechnical Analysis

EUR/GBP: The Bull Turns around and Ready to Make a Long Move

  • EUR/GBP made a pivotal bullish move on the H4 chart.
  • Simple Moving Average 30 has been working as support.
  • The H1 chart looks quite bullish.
  • Intraday price action has been very bullish too.
EUR/GBP H4 Chart
EUR/GBP H4 Chart

EUR/GBP- Technical Analysis-H4 Chart

The H4 chart shows that the price had bounce around 0.85250 and made a strong bullish move. On its way, it has made a breakout at Simple Moving Average 30. The buyers may wait for the price to consolidate or make a bearish correction followed by a bullish reversal pattern at the value area to go long in the pair. The price may find its next resistance around 0.86000. Considering the major charts, this bullish move may extend its length and keep the pair bullish for some days.

On the downside, unless it makes a breakout at 0.85250, we may not see the bear to show its strength. Thus, sellers may want to wait until the price produces some bearish momentum and make a breakout at the lower low.

EUR/GBP H1 Chart
EUR/GBP H1 Chart

Price Action Analysis-H1 Chart

The chart shows that upon finding a horizontal support, it has been very bullish on the H1 chart. The price consolidates around 0.85760. It is a level, where the price reacted earlier as well. Thus, the buyers may keep their eyes on the pair to go long above the level. A breakout at 0.85760 may push the price towards the North with good momentum. The price may find its next resistance around 0.86000.

For the sellers, they must wait. It does not seem that they would find short opportunities on the H1 chart with lucrative risk-reward.

Both the H4 and the H1 chart look enormously good for the bull. As things stand on both charts, it seems that we may seem bull’s domination on the pair in coming days.

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

Contact and follow Tareq on Twitter: @tareqfpn

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