The price of EURGBP has rejected the major range lows as the GBP begins to weaken. Could this offer long opportunities?
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The price of EURGBP is rejected the major range lows once again offering reversal opportunities. This range has been developing since 2016 and when the price reaches the highs or lows we often see a reaction. Recently negative GBP data was released which caused the price of EURGBP to rally from the lows. If this sentiment remains for the GBP then a move back to the range highs could be likely in the near future.
Looking at the weekly chart we can see that the price is working within a strong downward channel, if the price can break through those highs and buyers continue to remain we can expect the price to trend higher. The 4hr time frame shows the price currently making higher highs and higher lows, this should continue in the near term and if the price was to retest the previous demand zone and form bullish price action we could look for long opportunities.
Do you trade GBPJPY? see our latest analysis of the pair here.
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