The EURGBP market found sellers at a previous weekly high, could this see price fall further once again?
Watch the video to learn more…
The EURGBP price has come to our attention due to last week’s spike into a previous weekly high. This level in the past has seen sellers enter the market with the falling around 500 pips. This shows a strong bearish sentiment from these higher prices and last week the price rejected aggressively from the same area. Fundamentally the ECB haven’t yet hiked rates compared to the BoE which could see the market fall in the short term.
Taking a look at the chart the weekly chart shows the large tail on last week’s candle highlighting the aggressive selling coming in from that level. Going into the 4hr time frame we can see that the price formed a bearish rejection candle, this could be an area sellers enter again if we were to see a retest. Bearish price action or lower time frame changes of trend would be ideal here to see if the sellers will defend this area.
Have you seen our GBPJPY analysis? You can watch it here.
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