The bias is bullish while the price remains above 0.8640. This could only change if 1h and 4h candles will close below this level.
Disclaimer: The analysis presented in this article is for educational purposes only and should not be considered as financial advice.
This analysis was done on MetaTrader 4.
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Trade Idea Details:
Key support levels: 0.8640, 0.8620
Key resistance levels: 0.8744, 0.9000
Price Action: EUR/GBP shows signals of a valid and strong uptrend while remains above 200 Exponential Moving Average on multiple timeframes. Price produces higher highs and higher lows confirming the bullish sentiment.
Potential Trade Idea: We have chosen to go long on a small correctional move down. The price might stay near our entry point for some time, thus the buying opportunity should remain open throughout the day.
- Our buy was initiated at 0.8711
- Stop loss at 0.8613
- Take profit at 0.8994
Let us know if you have any questions or feedback in the comments section.