- EUR/GBP bulls looking for a break of hourly resistance.
- The 38.2% Fibo of the daily bearish impulse is a compelling confluence target.
As per the prior analysis, EUR/GBP Price Analysis: Bulls looking to the 38.2% Fibo retracement of daily bearish impulse, the conditions on the lower time frames are compelling and ripening for a long.
Prior analysis, daily chart
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The daily chart has the price headed towards the 38.2% Fibonacci having met weekly support.
Hourly chart
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The hourly chart shows that the price is moving into a bullish environment and will be expected to test the trendline resistance.
A break of which and restest of what will then become a counter trendline would lead to the anticipation of a bullish impulse to the target.
Live market
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The bulls were likely pulled in by the fakeout on the initial break of the trendlie resistance. However, accumulation phases often consist of such price action and a stop loss below the recent lows and structure will protect a long position taken from the vicinity of current resistance.
Meanwhile, the price now needs to break the 21-moving average and resistance which will again offer a long opportunity of a restest of the structure as support.
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