Daily Price Action
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EURGBP Buyers Keep the Pressure on 0.8385

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Last week I discussed the reversal potential for EURGBP.

It’s the same concept I wrote about on January 31st.

I also included EURGBP in Sunday’s forecast video, so be sure to watch it if you haven’t already.

So far this week, buyers aren’t backing down from that 0.8385 resistance level.

We saw the same thing occur on Friday despite the long upper wick of last Thursday’s session.

Constant pressure on any level often signals an imminent break.

In the case of EURGBP, that means a break higher.

Of course, there are no guarantees in this business.

And it’s still going to take a daily close above that 0.8385 level to expose the confluence of resistance at 0.8460.

I use New York close Forex charts so that the “daily close” refers to the 5 pm EST close.

Go here to get access to the same charts I use.

Again, watch Sunday’s video for all of the details.

In my opinion, traders looking for a more conservative entry could wait for a daily close above that 0.8460 confluence of resistance.

A close above 0.8460 would open the door to the range top at 0.8590.

Notice how 0.8590 has been intact as resistance since November 12th.

That’s the level buyers need to clear to open the door to higher levels like 0.8680 and 0.8800.

For now, though, it all comes down to that 0.8385 level followed by the 0.8460 confluence of resistance.

The event calendar for the week ahead looks relatively light, but that doesn’t mean we won’t see movement.

Just remember to use the daily close at 5 pm EST to make your decisions here as the intraday time frames haven’t respected 0.8385 recently.

Want to watch the EURGBP video I just released in the member’s area?

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EURGBP descending channel on the daily chart

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8 comments
Justin Bennett says

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Rajesh Kumar Pattnaik. says

Hey Justin your analysis is perfect for EUR GBP , it’s on the track towards confluence. Thank you very much. Previously I have got a buy there at 8600 region but I close that .I got a lesson now I will never take buy on the upper side. Thank you, very much.

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    Justin Bennett says

    You’re welcome.

    Reply
IBRAHIM RABIU says

I have paid for signal and mentorship yet to receive of the services from you.
More especially on how to draw trend line and determine price action.

Thank you

IBRAHIM RABIU

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    Justin Bennett says

    Ibrahim, you joined the member’s area on January 26th, and haven’t been back since. You need to visit the membership site every day if you want to take advantage of the forum posts and members-only videos.

    Reply
Tu Dang Phuoc says

Thanks so much Justin.

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    Justin Bennett says

    You’re welcome.

    Reply
Emmanuel says

Thanks Mr Justin for your update and analysis on this pair, your analysis always bring insight on how one can trade the pair, you are one in a million with your analysis

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