Hi, and welcome to this Blueberry Markets video update with me, John Kibbler, Head Currency Analyst.
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In this video, we’re going through EUR/GBP. I quite like the range play here, so we’re gonna discuss this for a moment, and then we’ll look at other charts as well.
EUR/GBP is looking for some minor upside because the weekly is pushing up nicely. We broke the weekly low but I like the idea of price trading within this range.
There are two things that could happen in the daily timeframe. The first is for the market to trade within the range, then it could break to the upside and head towards this resistance level. Or we could form a Head and Shoulders pattern, break the market, come down, and continue to this level
So, there are a couple of different options that I quite like for EUR/GBP. I’m looking for an upside to this market as I expect the market to come and retest this structure around 0.9.
The market broke through the lows, got rejected, and we had a nice daily bullish close. That allowed me to go into the four-hour timeframe and look for an opportunity.
If the market pushes to a new high, I can look for the market to pull back to a level of structure then look for a buying opportunity.
The level of structure is at 0.8920. If the market gets down here, then I’ll go into lower timeframes and look for the change of cycle like a double-bottom pattern or an inverse Head and Shoulders pattern.
Anything that would suggest that the trend is changing back to the upside, I’ll be looking for a move from here to the 0.9 area or this zone.
If I go into a 15-minute timeframe, the market is pulling back because we’re in that potential for our retracement phase.
What I expect to see out of the market is a move, which would suggest the market pulling back, continuing down, pulling back, getting to this point, and then we look for a double-bottom pattern. Or an inverse Head & Shoulders pattern to suggest that the market is pushing to the upside where we can look for a long position.
That’s what I’m looking for here on EUR/GBP. The price has formed a new low on the 15-minute timeframe. I’m expecting a retest of this 0.8920 area.
If the market gets to this point and my alert goes off, we’ll look for double-bottom patterns or an inverse Head & Shoulders pattern.
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