Inside Bar on EUR/GBP

Inside Bar on EUR/GBP

The EUR/GBP currency pair has kept the demand zone of 0.8680-0.8715. The current technical pattern signals a possible increase in GBP/USD quotes after a prolonged consolidation. Some classic patterns of Price Action, "Inside Bar" (H4 timeframe), have been formed in the trading instrument. The local resistance is the level of 0.8810. We recommend paying attention to this situation.

If the price fixes above the resistance level of 0.8810, EUR/GBP purchases should be considered. The nearest goal for profit-taking is 0.8865. The movement is tending to 0.8965-0.9020. Confirmations and entry points to the market should be looked for on lower timeframes. When following positions, we recommend using a trailing stop.

by JustForex 2020.05.12

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.

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