Analysis Summary:
The EUR/GBP pair has shown a potential bullish reversal on the 4-hour timeframe after forming a double-bottom structure near the 0.84800 support zone. A trendline has been drawn from recent higher lows, suggesting the initiation of an upward move.
Technical Indicators:
RSI (14): The RSI has broken above a descending trendline, indicating potential bullish momentum. Current RSI reading is 44.58, crossing above the signal line (40.68), hinting at growing bullish strength.
Price Action: A higher low is forming in confluence with trendline support, and recent bullish candles indicate buying pressure.
Trade Details:
Entry: 0.85042 (Current Market Price)
Take Profit (TP): 0.85583
Stop Loss (SL): 0.84805
Risk-to-Reward Ratio: Approximately 1:2
Conclusion:
This trade anticipates a continuation of the bullish move, backed by RSI breakout and trendline support. A clean invalidation below 0.84805 ensures risk management is in place, while the target at 0.85583 aligns with previous resistance.
The EUR/GBP pair has shown a potential bullish reversal on the 4-hour timeframe after forming a double-bottom structure near the 0.84800 support zone. A trendline has been drawn from recent higher lows, suggesting the initiation of an upward move.
Technical Indicators:
RSI (14): The RSI has broken above a descending trendline, indicating potential bullish momentum. Current RSI reading is 44.58, crossing above the signal line (40.68), hinting at growing bullish strength.
Price Action: A higher low is forming in confluence with trendline support, and recent bullish candles indicate buying pressure.
Trade Details:
Entry: 0.85042 (Current Market Price)
Take Profit (TP): 0.85583
Stop Loss (SL): 0.84805
Risk-to-Reward Ratio: Approximately 1:2
Conclusion:
This trade anticipates a continuation of the bullish move, backed by RSI breakout and trendline support. A clean invalidation below 0.84805 ensures risk management is in place, while the target at 0.85583 aligns with previous resistance.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.