#EURGBP is retesting the major range lows and with the GBP potentially topping out on the strength meter we could see a reversal to the market. 

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EURGBP Analysis

The EURGBP price could be about to reverse as the price retests the major range lows. The last time the price visited this area the market rallied back to the range highs. Currently the strength meter is suggesting that the GBP is starting to weaken after reaching the extremes which could see the GBP strength reverse. The EURO has been gaining momentum recently which makes this pair a good pair for a reversal opportunity. 

The weekly time frame shows the price is at the major support zone. The price action suggests the selling momentum is fading with price forming a low ranging candle at the level. These candles often lead to explosive breakouts. If the market breaks the weekly candle high we could see buyers enter the market.

The 4hr time frame would show an upward trend forming if the weekly market is going to move into an impulsive phase. If the price breaks the high we can look for long opportunities on a bullish retest of the minor support zone.

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About The Author

Jonathan Kibbler

Jon Kibbler, our Senior Market Analyst, boasts over a decade of trading experience. He specializes in dissecting the intricacies of financial markets and sharing his expertise with precision. Jon’s insights have been featured at renowned events and platforms like Coindex, Forex Analytix, and Forex.com.

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