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EURGBP: Bullish Rallies!


Monthly Time Frame: Starting on the higher time frames we can see how price is ranging and how price managed to reject off the monthly key psychological support .83000. After the tap of this zone price rejected and engulfed three months of price action.

 

Weekly Time Frame: Scaling down to the weekly we can see how price managed to create a double bottom formation in this weekly range. After the second bounce price managed to create a morning star reversal formation and then break through weekly resistance.


 

Daily Time Frame: Scaling down further we can see a potential trade setup. If price manages to reject above .85750-.86000 psychological then we can look to buy this up to .89500 key psychological resistance. Although if price manages to break and close back in range then we can look for pullbacks to .84500 key psych. Due to uncertainty of market fluidity, risk management is key.

 

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