EUR/GBP Price Analysis: Bulls target confluence of monthly resistance area

• EUR/GBP bears take the price into a demand area.
• The M-formation’s neckline is an area of strong confluence. 

EUR/GBP is offered on the session, so far, but there is a promising bullish case for the week ahead. 

The following offers a top-down analysis and illustrates why the price can be expected to move higher from a demand area. 

Monthly chart

We have a combination of a bullish monthly head and shoulders as well as a bullish M-formation. 

Weekly chart

The price has melted into a demand area and the green candle in all of the bearish impulse is a liquidity zone for bulls to target. 

Daily chart

The confluence of the resistance area, or the M-formation’s neckline, with the liquidity of prior support as well as a confluence of the Fibonacci zone across, multiple time frames, is a compelling upside target for the bulls.