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EUR/GBP Potential Upward Movement

EUR/GBP Long-Term Trend: Bullish

Key Resistance Levels: 0.86031, 0.86408, 0.86574.

Key Support Levels: 0.85444, 0.85116, 0.84755.

Daily Chart:

The price on the higher time frame posted a Wyckoff accumulation phase at the bottom which led to a reversal and a move to the upside. Now the main direction is upward where the market succeeded to break the 0.85480 GBP mark by a big bodied bullish bar showing that the buyers are in control. We expect further movement to the upside in the coming hours.

EUR/GBP Medium-Term Trend: Bullish

1-Hr Chart:

On the lower time frame, the price found buyers around the 50 % Fibonacci retracement level where an inverse head and shoulders has been posted. We expect a slight lower correction before a new bullish impulsive wave toward the target profit.

Signal Idea:

Buy Limit Order @ 0.85382

TP 1 @ 0.86000

TP 2 @ 0.86408

Stop Loss @ 0.85075

Trade Safely 🙂

In many cases we manually use market orders instead of pending orders to trade the trading ideas we send you. This is higher risk, and you can decide if it suits your trading style.

About Joe Damien

Joe is a proven Forex analyst and manual trader with 6 years of full-time trading experience. He is a swing trader that relies on price action, market structure and Fibonacci retracement. His two most successful pairs are CHF/JPY, CAD/JPY, but his expertise allows him to profit on any asset or pair.

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