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- EUR/GBP Price Analysis: Bears are lurking at key resistance
EUR/GBP Price Analysis: Bears are lurking at key resistance
- Resistance is apparent and EUR/GBP bears are looking for a move into hourly support.
- The market is broadly bearish on the backside of the prior bullish trend.
As per the prior analysis, EUR/GBP Price Analysis: Bulls could be about to make a move, we have seen a pop higher in the cross and there are now prospects of a near-term correction as the following will illustrate:
EUR/GBP prior analysis
In the prior analysis, based o the 4-hour chart, it was explained that the price was entering what could have been a demand area considering the structure looking left as illustrated above.
0.8750/30 was a resistance area that was anticipated to be where the bulls might have their eyes set.
It was stated that if the bears turned up again at that juncture, then there would be prospects of a deeper move toward the trendline support near 0.8600/20.
EUR/GBP updates
As illustrated, the price has corrected as expected.
This is now the daily chart´s outlook:
On an hourly basis, with the correction still in its initial stages, perhaps, there are prospects of a bearish correction:
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