EUR/GBP Technical Analysis – Range-Bound Structure with Potential Rebound
The pair is currently trading within a well-defined horizontal channel between:
Support Zone: 0.86400 – 0.86200
Resistance Zone: 0.87800 – 0.87600
Price is currently near the mid-level (0.86756), showing consolidation after a rejection from resistance.
Supertrend Indicator:
The Supertrend (10,3) is currently bearish (red line above the price), indicating short-term downward pressure.
Price recently broke below the Supertrend line near the highs, suggesting a correction is underway.
Volume Profile (Left Side):
Significant volume has been transacted around the current market range (Point of Control).
This indicates strong interest and fair value, often leading to sideways movement before the next breakout.
Bull Wick Highlight (Mid-July):
Indicates buying pressure from lower levels, acting as historical demand near 0.86400.
🔄 Price Projection & Scenario Planning:
✅ Scenario A: Bullish Rejection from Support
If price retests the support zone (0.86400 – 0.86200) and forms a bullish rejection (e.g., pin bar or engulfing), a bounce is likely.
Target: Resistance zone 0.87600 – 0.87800
Confirmation: Bullish candle + break of 0.86900 resistance.
❌ Scenario B: Bearish Breakout Below Support
A break and close below 0.86200 may trigger a deeper correction.
Next possible downside target: 0.85800
Volume drop and strong red candles would support this.
🔧 Technical Summary:
Indicator Status
Structure Sideways / Range-bound
Supertrend Bearish (Short-term)
Support Zone 0.86200 – 0.86400
Resistance Zone 0.87600 – 0.87800
Bias Neutral-to-Bullish (above support)
🧠 Educational Note:
This chart is a great example of range trading—where traders look to buy near support and sell near resistance, especially when there is no strong trend. Patience and confirmation signals (like wick rejections or volume spikes) are key in such setups.
The pair is currently trading within a well-defined horizontal channel between:
Support Zone: 0.86400 – 0.86200
Resistance Zone: 0.87800 – 0.87600
Price is currently near the mid-level (0.86756), showing consolidation after a rejection from resistance.
Supertrend Indicator:
The Supertrend (10,3) is currently bearish (red line above the price), indicating short-term downward pressure.
Price recently broke below the Supertrend line near the highs, suggesting a correction is underway.
Volume Profile (Left Side):
Significant volume has been transacted around the current market range (Point of Control).
This indicates strong interest and fair value, often leading to sideways movement before the next breakout.
Bull Wick Highlight (Mid-July):
Indicates buying pressure from lower levels, acting as historical demand near 0.86400.
🔄 Price Projection & Scenario Planning:
✅ Scenario A: Bullish Rejection from Support
If price retests the support zone (0.86400 – 0.86200) and forms a bullish rejection (e.g., pin bar or engulfing), a bounce is likely.
Target: Resistance zone 0.87600 – 0.87800
Confirmation: Bullish candle + break of 0.86900 resistance.
❌ Scenario B: Bearish Breakout Below Support
A break and close below 0.86200 may trigger a deeper correction.
Next possible downside target: 0.85800
Volume drop and strong red candles would support this.
🔧 Technical Summary:
Indicator Status
Structure Sideways / Range-bound
Supertrend Bearish (Short-term)
Support Zone 0.86200 – 0.86400
Resistance Zone 0.87600 – 0.87800
Bias Neutral-to-Bullish (above support)
🧠 Educational Note:
This chart is a great example of range trading—where traders look to buy near support and sell near resistance, especially when there is no strong trend. Patience and confirmation signals (like wick rejections or volume spikes) are key in such setups.
Trade active
A long position on EUR/GBP is now active, following a strong bounce from key support and confirmation of a potential trend reversal. Technical indicators support a bullish outlook, with price structure shifting upward.
Market Analyst | XAU/USD Focused
Educational Content & Technical Breakdowns
Premium VIP Signals & Market Insights
Forex Mentorship & Live trades & strategies shared daily
Join our Telegram t.me/Mentor_Michael033
Educational Content & Technical Breakdowns
Premium VIP Signals & Market Insights
Forex Mentorship & Live trades & strategies shared daily
Join our Telegram t.me/Mentor_Michael033
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.
Market Analyst | XAU/USD Focused
Educational Content & Technical Breakdowns
Premium VIP Signals & Market Insights
Forex Mentorship & Live trades & strategies shared daily
Join our Telegram t.me/Mentor_Michael033
Educational Content & Technical Breakdowns
Premium VIP Signals & Market Insights
Forex Mentorship & Live trades & strategies shared daily
Join our Telegram t.me/Mentor_Michael033
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.