The EURGBP cross on the 4-hour chart shows an engulfing candle pattern. The formation coincides with the confluence between the first weekly, and monthly resistance. In this post, we’ll review what to expect from the coming days.
Two scenarios using pivot points
The current formation suggests two potential scenarios:
- If the price closes above 0.92486, we anticipate the strike to the second weekly resistance at 0.93095. The invalidation level is under 0.92084.
- In the other case, if the EURGBP drops and closes below 0.92084, the potential target profit is placed on the weekly pivot level at 0.90995. The invalidation level is above 0.92486.
Get more updates on our Tradingview channel (click here).
Remember that the price is not forced to move as our outlook proposes. The chart released corresponds to an educational application of the Pivot Points theory. Comments issued don’t represent an investment recommendation. Leveraged products are complex financial instruments and are not recommended for a certain type of traders. Losses can exceed deposits.