EURGBP Analysis - Wait for Confirmation
This market seems to be in a triangular pattern, (in purple) waiting to hit the area around the 4H Trend line (higher blue trend line) or the D1 Trend line (Higher brown trend line)
I didn’t manage to spot any resistance or support levels higher than the ones identified on this screenshot, however, there are other zones identified using the weekly timeframe.
This is a rather tricky place to enter the market as it is halfway inside a channel and anything can happen. According to other traders, predicting a market move is inadvisable, and therefore reacting to a market is what traders are advised to do.
However, in this case, I’ll go the ‘prediction’ way: Price is likely to make a short bull run to the area around 0.90872 and 0.91112 as mentioned earlier, or break the resistance area around where it is, retest that resistance as support, and make a move to the upside. Let’s wait and see…
I didn’t manage to spot any resistance or support levels higher than the ones identified on this screenshot, however, there are other zones identified using the weekly timeframe.
This is a rather tricky place to enter the market as it is halfway inside a channel and anything can happen. According to other traders, predicting a market move is inadvisable, and therefore reacting to a market is what traders are advised to do.
However, in this case, I’ll go the ‘prediction’ way: Price is likely to make a short bull run to the area around 0.90872 and 0.91112 as mentioned earlier, or break the resistance area around where it is, retest that resistance as support, and make a move to the upside. Let’s wait and see…
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