EUR/GBP - Bullish View and Multi-Timeframe Analysis
Good morning, traders! Today we bring an analysis in EUR/GBP since it is in an interesting situation and it is possible that it presents a buying opportunity in the short term. will analyze this chart in two higher timeframes (Weekly and Daider to appreciate the scenario better.
🔸Weekly Chart:
On the Weekly chart, we can see that the price was in a range about 6 years ago. While it didn't make it to the external low, we see that it had a strong bounce off inside support recently, which is a bullish sign. Although it is an important event, it is not enough to decide it.
What we need is to reduce the timeframe a bit and analyze the situation with a magnifying glass. For this, we are going to talk about the Daily graph (Published):
🔸On the Daily chart, we see that after the rebound in the support zone, the price broke the Descending Trendline. This is another bullish sign.
Currently, it is in a corrective process. We are waiting for a breakout to the upside to confirm the bullish continuation. When taking a trade, something optimal to consider is to have a better risk-benefit ratio; we could wait for a retest or correction in a shorter timeframe after this breakout.
🔸Weekly Chart:
On the Weekly chart, we can see that the price was in a range about 6 years ago. While it didn't make it to the external low, we see that it had a strong bounce off inside support recently, which is a bullish sign. Although it is an important event, it is not enough to decide it.
What we need is to reduce the timeframe a bit and analyze the situation with a magnifying glass. For this, we are going to talk about the Daily graph (Published):
🔸On the Daily chart, we see that after the rebound in the support zone, the price broke the Descending Trendline. This is another bullish sign.
Currently, it is in a corrective process. We are waiting for a breakout to the upside to confirm the bullish continuation. When taking a trade, something optimal to consider is to have a better risk-benefit ratio; we could wait for a retest or correction in a shorter timeframe after this breakout.
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