EURGBP Have Yet To Breakout From Consolidation Area

28 thg 1, 2021

Looking at EURGBP, we can see that price level has been moving within the support line @0.8896 and the resistance line @0.9085. With that, we managed to see instances where fakeout took placed with price level overextending out of this area. As of now, EURGBP has yet to show a strong BEARISH movement and might indicate that current movement might be a fakeout rather than a breakout. Instead, we managed to see price testing a weaker support @0.8833 and made a clean rejection from there. I am expecting price level to move back to the consolidation zone and continues moving sideway.

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