Good day traders!
BIAS: SHORT
EURGBP has been moving in this bullish consolidation corridor for a very long time now. This past week we've tested the roof of the corridor and failed to break it, closing with a bearish daily candle and a clearly visible rejection candle on the weekly level. I am biased for short as this gives me confirmation that the price is ready to move lower. First we will test the inner formed trendline and after a succesfull break continue downward. We can find support and supply area at 0.87400-0.86900 as that has proven to be a good support zone before. If we successfully break that price zone we will see a retest of the bottom of the corridor, followed by a strong bullish trend upwards after this move finishes.
WEEKLY: Weak rejection candle, could imply fall to around 0.87000 and regaining of strenght
DAILY: Bearish, lower prices to come, test of trendline following
1-4H: Slow decline to trendline, possibility of upward spike after testing trendline, continuation of downtrend
BIAS: SHORT
EURGBP has been moving in this bullish consolidation corridor for a very long time now. This past week we've tested the roof of the corridor and failed to break it, closing with a bearish daily candle and a clearly visible rejection candle on the weekly level. I am biased for short as this gives me confirmation that the price is ready to move lower. First we will test the inner formed trendline and after a succesfull break continue downward. We can find support and supply area at 0.87400-0.86900 as that has proven to be a good support zone before. If we successfully break that price zone we will see a retest of the bottom of the corridor, followed by a strong bullish trend upwards after this move finishes.
WEEKLY: Weak rejection candle, could imply fall to around 0.87000 and regaining of strenght
DAILY: Bearish, lower prices to come, test of trendline following
1-4H: Slow decline to trendline, possibility of upward spike after testing trendline, continuation of downtrend