EURGBP takes first step, but will we see a new continuation?
Hi, and welcome to Thursday’s update. In today’s video, we are focusing on the EURGBP. Price formed a solid bar higher in yesterday’s session and could be the start of a new continuation.
Price continues to trade outside the downtrend, and we could be seeing a possible start of a new uptrend after yesterday’s solid close higher. We want to see a break of the current resistance level (.8453) and a break of the existing supply area that runs up to .8470.
If buyers can clear these levels, we will be looking for a new continuation to be confirmed. If the trend does continue, we would be looking at .8533 as the next point of resistance.
The GBPUSD is also a factor, and we will be looking for a break lower on that pair to help boost the case of the EURGBP. A close back below .8435 would suggest that this pattern could be failing, and traders may need to give the market more time.
If you have any thoughts on this pattern or on the EURGBP, we would love to hear your feedback. We hope you are enjoying your Thursday and good trading.
Price continues to trade outside the downtrend, and we could be seeing a possible start of a new uptrend after yesterday’s solid close higher. We want to see a break of the current resistance level (.8453) and a break of the existing supply area that runs up to .8470.
If buyers can clear these levels, we will be looking for a new continuation to be confirmed. If the trend does continue, we would be looking at .8533 as the next point of resistance.
The GBPUSD is also a factor, and we will be looking for a break lower on that pair to help boost the case of the EURGBP. A close back below .8435 would suggest that this pattern could be failing, and traders may need to give the market more time.
If you have any thoughts on this pattern or on the EURGBP, we would love to hear your feedback. We hope you are enjoying your Thursday and good trading.