EUR/GBP Technical outlook and review.
4hr TF.
The higher-timeframe picture resembles the following:
• Weekly timeframe: Current price action is seen trading just above weekly demand at 0.79631-0.78623. As we see it, price still has room to drop further into the weekly demand area due to there being possible consumed demand area to the far left.
• Daily timeframe: A break south has been seen below daily demand at 0.78862-0.79206, price should be relatively free now to hit the next daily demand area below at 0.78117-0.78533, however, expect the possibility that price may rally to the 0.79751 area before hitting the aforementioned daily demand below, as pro money may require liquidity to drop price in the form of buy orders to sell into (Buyers were no doubt stopped out around the daily demand area at 0.78862-0.79206, these orders were sell orders, and were definitely no good for selling into! So, pro money would likely buy into them, pushing prices higher to entice other buyers to join, once they do, they would begin selling, hence the reason a sell-off is still expected into the aforementioned weekly demand area).
It was reported that higher prices were likely to be seen to either the 4hr S/R flip level at 0.79358 or the 4hr supply area above at 0.79795-0.79684. As we can see a push north to the aforementioned 4hr S/R flip level was seen, and at the time of writing, the sellers seem to be showing some interest.
So, with the higher timeframe-picture in mind, lower prices are expected, the 4hr timeframe shows 4hr demand at 0.78862-0.79048 has been consumed, meaning we could very well see a push south to the 4hr demand area below at 0.78602-0.78320 which is beautifully located just above daily demand at 0.78117-0.78533. Of course we have to expect the usual road bumps in between, the first being seen at the round number 0.79.
Pending/P.A confirmation orders:
• Pending buy orders (Green line) are seen just above demand (0.78602-0.78320) at 0.78641. The reasoning behind setting a pending buy order here is due to its current location on the higher timeframes. Our 4hr demand area is just above daily demand at 0.78117-0.78533 and also just within the upper area of weekly demand at 0.76931-0.78623.
• No P.A confirmation buy orders (Red line) are seen in the current market environment.
• Pending sell orders (Green line) are seen just below the supply area (0.79795-0.79684) at 0.79651. The reason for a pending sell order being set here, rather than a P.A confirmation sell order was because this area looks very hot for a first-time reaction. Notice how price faked above the S/R flip level at 0.79679 then dropped back down, there is very likely unfilled sell orders still lurking around this area, hence the need for a pending sell order.
• The P.A confirmation sell order (Red line) set just below the 4hr S/R flip level at 0.79358 at 0.79293 is now active and awaiting confirmation. The sellers will need to confirm this level by consuming some or most of the buyers around the low marked with an arrow at 0.79134, once or indeed if this happens, a pending sell order is permitted to be set awaiting a possible return.
• Areas to watch for buy orders: P.O: 0.78641 (SL: 0.78288 TP: Dependent on price approach) P.A.C: No P.A confirmation buy orders are seen in the current market environment.
• Areas to watch for sell orders: P.O: 0.79651 (SL: 0.79828 TP: Dependent on price approach) P.A.C: 0.79293 (Active-awaiting confirmation (SL: Dependent on price action after the level has been confirmed TP: Dependent on approaching price action after the level has been confirmed).
The higher-timeframe picture resembles the following:
• Weekly timeframe: Current price action is seen trading just above weekly demand at 0.79631-0.78623. As we see it, price still has room to drop further into the weekly demand area due to there being possible consumed demand area to the far left.
• Daily timeframe: A break south has been seen below daily demand at 0.78862-0.79206, price should be relatively free now to hit the next daily demand area below at 0.78117-0.78533, however, expect the possibility that price may rally to the 0.79751 area before hitting the aforementioned daily demand below, as pro money may require liquidity to drop price in the form of buy orders to sell into (Buyers were no doubt stopped out around the daily demand area at 0.78862-0.79206, these orders were sell orders, and were definitely no good for selling into! So, pro money would likely buy into them, pushing prices higher to entice other buyers to join, once they do, they would begin selling, hence the reason a sell-off is still expected into the aforementioned weekly demand area).
It was reported that higher prices were likely to be seen to either the 4hr S/R flip level at 0.79358 or the 4hr supply area above at 0.79795-0.79684. As we can see a push north to the aforementioned 4hr S/R flip level was seen, and at the time of writing, the sellers seem to be showing some interest.
So, with the higher timeframe-picture in mind, lower prices are expected, the 4hr timeframe shows 4hr demand at 0.78862-0.79048 has been consumed, meaning we could very well see a push south to the 4hr demand area below at 0.78602-0.78320 which is beautifully located just above daily demand at 0.78117-0.78533. Of course we have to expect the usual road bumps in between, the first being seen at the round number 0.79.
Pending/P.A confirmation orders:
• Pending buy orders (Green line) are seen just above demand (0.78602-0.78320) at 0.78641. The reasoning behind setting a pending buy order here is due to its current location on the higher timeframes. Our 4hr demand area is just above daily demand at 0.78117-0.78533 and also just within the upper area of weekly demand at 0.76931-0.78623.
• No P.A confirmation buy orders (Red line) are seen in the current market environment.
• Pending sell orders (Green line) are seen just below the supply area (0.79795-0.79684) at 0.79651. The reason for a pending sell order being set here, rather than a P.A confirmation sell order was because this area looks very hot for a first-time reaction. Notice how price faked above the S/R flip level at 0.79679 then dropped back down, there is very likely unfilled sell orders still lurking around this area, hence the need for a pending sell order.
• The P.A confirmation sell order (Red line) set just below the 4hr S/R flip level at 0.79358 at 0.79293 is now active and awaiting confirmation. The sellers will need to confirm this level by consuming some or most of the buyers around the low marked with an arrow at 0.79134, once or indeed if this happens, a pending sell order is permitted to be set awaiting a possible return.
• Areas to watch for buy orders: P.O: 0.78641 (SL: 0.78288 TP: Dependent on price approach) P.A.C: No P.A confirmation buy orders are seen in the current market environment.
• Areas to watch for sell orders: P.O: 0.79651 (SL: 0.79828 TP: Dependent on price approach) P.A.C: 0.79293 (Active-awaiting confirmation (SL: Dependent on price action after the level has been confirmed TP: Dependent on approaching price action after the level has been confirmed).
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