On june 25th we wrote about the EURGBP pair.In that post,we addressed possibilities of a bullish continuation from its consolidation.(https://fxsits.com/the-eurgbp-price-action-performance/).Looking at the chart ,we see how the pair found support at level 0.90159. Throughout the pasts weeks, you may have noticed price move bullish from the support level. Since then, the EURGBP price resists at level 0.91720
The H4 and daily time frame show how price has pulled back from the level 0.91720.We also see price move bearish towards level 0.90159. We have set level 0.90159 as our support level for the time being. Our analysts wait for a signal to see if price will respect the level and continue it bullish movement.If that happens we could see price takeout level 0.9172 and possibly expose level 0.92834 .
So, if price does move past level 0.90159 and closes below it . Then, level 0.90159 which was our support level will now act as a resistance level. Thus, exposing level 0.88172. However,price continues moving bearish then level 0.86851 could possibly be exposed.Where is the market headed after after the EURGBP price resists at key level. For more information on entries and exits subscribe to our smart signals plan.
NB: Warning Before deciding to participate in the Forex market, you should carefully consider your investment objectives, level of experience and risk appetite. Most importantly, do not invest money you cannot afford to lose. Consider position sizing before entering a trade and manage your risk accordingly. Please read risk warning before deciding to trade the markets.