Here I have EUR/GBP on the 4Hr Chart!
Price seems to be stuck in Consolidation but with a closer look, there tends to be a slight Rising Channel in the mix!!
I suspect Next Week (Feb. 11th - 16th) we will see massive movement in this pair simply because of how heavy GBP is with news those days!
Now initially this looks like a potential Bear Flag to me with this PA happening after a strong decline!
BUT
Being unbiased, if Price does find its way down to the Support Area, being unable to break and news for GBP comes in Negative, we could see EUR gathering Buying Pressure and price heading up!!
Fundamentally the 11th-16th:
EUR - Clear
GBP - Gov Bailey Speaks (Mon), Claimant Count Change & AHE (Tue), CPI (Wed), GDP (Thu), Retail Sales (Fri)
Price seems to be stuck in Consolidation but with a closer look, there tends to be a slight Rising Channel in the mix!!
I suspect Next Week (Feb. 11th - 16th) we will see massive movement in this pair simply because of how heavy GBP is with news those days!
Now initially this looks like a potential Bear Flag to me with this PA happening after a strong decline!
BUT
Being unbiased, if Price does find its way down to the Support Area, being unable to break and news for GBP comes in Negative, we could see EUR gathering Buying Pressure and price heading up!!
Fundamentally the 11th-16th:
EUR - Clear
GBP - Gov Bailey Speaks (Mon), Claimant Count Change & AHE (Tue), CPI (Wed), GDP (Thu), Retail Sales (Fri)
Note
At Fridays close of the markets, EUR/GBP gave us a solid Bearish Break of the suspected Rising Channel!Be advised! This Break DID NOT BREAK THROUGH SUPPORT YET!
So there is still a chance this pair stays consolidated!!
Now we watch for if this move was a FALSE BREAK!
Note
On Market Open, Price opened up right back in the Channel!= FALSE BREAK!!
For All Things Currency,
Keep It Current,
With Novi Fibonacci!
Keep It Current,
With Novi Fibonacci!
Related publications
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.
For All Things Currency,
Keep It Current,
With Novi Fibonacci!
Keep It Current,
With Novi Fibonacci!
Related publications
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.