EUR/GBP Price Analysis: Bulls could be about to make a move

EUR/GBP bears are in the market but bulls could be lurking.
Bulls eye a move towards 0.8750.

Ross J Burland FXStreet

EUR/GBP is in freefall to fresh lows on the bearish cycle. The bears are moving in on 0.8670 with eyes on 0.8650. The following illustrates the price action and market structure over the daily and 4-hour time frame and argues the case for a deceleration in the suppl. In such a scenario, there will be the potential for a correction before further moves towards a key long-term trendline support area.

EUR/GBP daily charts

EUR/GBP H4 chart

The price is entering what could be a demand area considering the structure looking left as illustrated above. 0.8750/30 is a resistance area, potentially, where the bulls might have their eyes set. If the bears turn up again at that juncture, then there will be prospects of a deeper move toward the trendline support near 0.8600/20.

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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