A confluence of Fibonacci levels on the weekly - Selling EURGBP

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A confluence of Fibonacci levels on the weekly - Selling EURGBP

Weekly – Trading at the upper end of a bearish channel. Confluence of Fibonacci levels with a 78.6% & 61.8% in close proximity.

Daily – Failed at a 78.6% Fibonacci level and close below the 10EMA for the first time in 30 sessions.

4H - Strong move higher today and approaching some exhaution points.

We approaching some very key levels here following a strong move higher. The UK is getting closer to appointing a new Prime Minister, Boris Johnson remains the favourite. Once the uncertainty of this is lifted, we could see short term relief in GBP.

One point to note is that a potential bullish engulfing is forming on the daily chart.

Good luck!