Looking for clues on EURGBP (lower timeframe)
As markets re-open, we track price with the intention of finding out where it will head next on this pair.
The monthly timeframe shows ranging in a defined price region over a prolonged period (since November 2023). The 4h timeframe show bearish activity where we have noted a retest of a high at the 0.85323 price point (shown on the 15m timeframe as the current SWING HIGH.
Price is currently boxed in a small but very powerful range. In the short-term, we expect a taking out of highs and lows (manipulation) before the establishment of any real structure to trade. At this time, price is in the discount region, so on this lower timeframe, we would only be interested in going Long. For now, we sit on our hands and watch things play out.
The monthly timeframe shows ranging in a defined price region over a prolonged period (since November 2023). The 4h timeframe show bearish activity where we have noted a retest of a high at the 0.85323 price point (shown on the 15m timeframe as the current SWING HIGH.
Price is currently boxed in a small but very powerful range. In the short-term, we expect a taking out of highs and lows (manipulation) before the establishment of any real structure to trade. At this time, price is in the discount region, so on this lower timeframe, we would only be interested in going Long. For now, we sit on our hands and watch things play out.