EUR/GBP Maintains Bullish Structure on 4H Chart – Key Levels to Watch
The EUR/GBP pair continues to exhibit a bullish trend structure on the 4-hour timeframe, with price action currently consolidating in a secondary trend. After a strong upward impulse, the pair has entered a corrective phase, which is expected to conclude before resuming its primary bullish trend.
Key Resistance & Upside Potential
The market remains well-supported, and a breakout above the current consolidation could see prices rally toward the next major target at 0.87400. A sustained move above this level would confirm a continuation of the bullish momentum, potentially opening the door for further upside. Traders should watch for bullish reversal patterns or a strong breakout candle to confirm the resumption of the uptrend.
Critical Support Zone
On the downside, 0.85950 stands as a crucial support level. If the secondary correction extends deeper, this zone could act as a springboard for buyers to re-enter the market. A breakdown below this level, however, could signal a deeper retracement, potentially invalidating the near-term bullish bias.
Market Outlook
Given the prevailing bullish structure, traders should monitor price action around the mentioned levels for potential trading opportunities. A rebound from 0.85950 with strong bullish confirmation (such as a pin bar or engulfing pattern) could present a buying opportunity targeting 0.87400. Conversely, a decisive break below support may require a reassessment of the bullish outlook.
In summary, while the EUR/GBP pair is currently in a corrective phase, the broader trend remains upward. A breakout above resistance or a hold at key support could reignite bullish momentum, making these levels critical for short-to-medium-term trading decisions.
The EUR/GBP pair continues to exhibit a bullish trend structure on the 4-hour timeframe, with price action currently consolidating in a secondary trend. After a strong upward impulse, the pair has entered a corrective phase, which is expected to conclude before resuming its primary bullish trend.
Key Resistance & Upside Potential
The market remains well-supported, and a breakout above the current consolidation could see prices rally toward the next major target at 0.87400. A sustained move above this level would confirm a continuation of the bullish momentum, potentially opening the door for further upside. Traders should watch for bullish reversal patterns or a strong breakout candle to confirm the resumption of the uptrend.
Critical Support Zone
On the downside, 0.85950 stands as a crucial support level. If the secondary correction extends deeper, this zone could act as a springboard for buyers to re-enter the market. A breakdown below this level, however, could signal a deeper retracement, potentially invalidating the near-term bullish bias.
Market Outlook
Given the prevailing bullish structure, traders should monitor price action around the mentioned levels for potential trading opportunities. A rebound from 0.85950 with strong bullish confirmation (such as a pin bar or engulfing pattern) could present a buying opportunity targeting 0.87400. Conversely, a decisive break below support may require a reassessment of the bullish outlook.
In summary, while the EUR/GBP pair is currently in a corrective phase, the broader trend remains upward. A breakout above resistance or a hold at key support could reignite bullish momentum, making these levels critical for short-to-medium-term trading decisions.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.