EURGBP daily channel support at 0.8310, weekly S2 0.8304 + 123.6 extension of recent upmove. Inverted hammer on the daily signals a possible reversal. However, close of gap and rejection of price at previous support turned resistance is bearish.
EURGBP weekly candle nearing oversold. Previous week candle bearish.
Longer term, EURGBP has just broken out of a double top + neckline retest and rejection candle forming on the weekly.
Extension of double top targets next support area 0.8010 which is still within a longer term channel.
GBPUSD on the daily is setting up an inverted hammer (unclosed candle). 1.6300 is resistance.
GBPUSD oversold on the weekly. Nearing 123.6 extension of recent down move, 1.6320 overhead.
Resistance is 1.6300 - 1.6320.
EURUSD on the daily forming a bull flag on breakout territory. Reversal candle setting up.
On the H4, above TL support.
GBPUSD looks more overbought than EURUSD at this point. With GBPUSD overbought, EURGBP oversold and EURUSD in breakout.
Possible reversal candle on the EURGBP could mean a retest of rising TL.
However, that will also mean that EURGBP has failed the breakout of double top which could be EURGBP bullish.
Plan is to short GBPUSD if it gets to 1.6320.
No comments:
Post a Comment