EUR/GBP Update
So the market has been live for a few hours now and if we take a look at the 4H chart, we'll see that the market continued to move down correctively, just about to make a touch on the bottom of the Daily's ascending channel.
Zooming in further to the 1H chart, we are starting to see a lot of resistance if we take a look at the candles that are forming around this area of interest. Though the market has not officially made the touch at the Daily structure, the market is well and ready for a reversal should there be one.
Alternatively, the market can drop from here, but I don't see any signs of the market dropping.
I still think EURGBP is a short to mid-term buy, but we should keep an eye on what the market does over the next few hours. Even if the market does drop below the Daily structure does not mean it will drop for sure. It all depends on HOW the market breaks the Daily support. If it breaks impulsively, then we know the market nature has turned bearish and we will begin looking for sell opportunities. However, if we break the Daily support correctively, we are primed perfectly for the next bull run.
If you're on the fence about whether or not you should enter the market, I'd say right now would be a good area to jump in. I personally want to wait and see if we touch the Daily or if we see a strong reversal sign like a bullish impulse.
I'd put my buy order at the Daily support (0.88660) with a 25 pip SL and 80 pip target for a 3.85% gain.
Let me know your thoughts and ideas or if you see something in my charts that might help you with your own analysis!
Zooming in further to the 1H chart, we are starting to see a lot of resistance if we take a look at the candles that are forming around this area of interest. Though the market has not officially made the touch at the Daily structure, the market is well and ready for a reversal should there be one.
Alternatively, the market can drop from here, but I don't see any signs of the market dropping.
I still think EURGBP is a short to mid-term buy, but we should keep an eye on what the market does over the next few hours. Even if the market does drop below the Daily structure does not mean it will drop for sure. It all depends on HOW the market breaks the Daily support. If it breaks impulsively, then we know the market nature has turned bearish and we will begin looking for sell opportunities. However, if we break the Daily support correctively, we are primed perfectly for the next bull run.
If you're on the fence about whether or not you should enter the market, I'd say right now would be a good area to jump in. I personally want to wait and see if we touch the Daily or if we see a strong reversal sign like a bullish impulse.
I'd put my buy order at the Daily support (0.88660) with a 25 pip SL and 80 pip target for a 3.85% gain.
Let me know your thoughts and ideas or if you see something in my charts that might help you with your own analysis!
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