EURGBP: Key Weekly Supply Zone Ahead!!!

12 wrz 2020

hey traders,

+4.5% growth during the last 10 days on EURGBP.
Pound keeps losing its grounds on brexit news.

however, based on 3 days chart analysis you can see that the market is facing a crucially important zone of supply.
its lower boundary - 0.93 level is based on 2019's structure high (immediate bearish reaction followed and -10% drop)
its upper boundary - 0.95 is based on 2020's structure high (immediate bearish reaction followed and -8% drop).
+ the projection of the last bullish impulse from the higher low is lying perfectly within that zone.

chances will be high that the underlined area will be respected and we will see a pullback.
I will be looking for short opportunities once the market enters that area.

have a great weekend!