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Price Action Setups: EURGBP, GBPUSD and GBPJPY

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The markets continue to look fairly indecisive with the exception of a few pairs. But there are still a few potential opportunities out there.

The .7967 level on EURGBP is one I’ve been watching for a while now. This is an inflection point to watch with trend line resistance from June coming into play. Of course only a bearish pin bar at this level on the 4 hour or daily time frame can justify an entry.

eurgbp daily forex chart

GBPUSD has put in two pin bars in the last two days off of the 10 EMA dynamic support. This tells me that the market wants to see higher ground.

A 50% entry would be required in this area to get a 1:2 risk to reward ratio as I do think that we may see some resistance come into play around 1.725. This level is represented by the lows from 2006 (best seen on the weekly chart).

gbpusd daily forex chart

Lastly we have GBPJPY, which is also looking bullish at the moment. The pair found support this week from the June 20th high at 174.

The next level to keep in mind is 174.80, which was the high from January 2nd of this year.

gbpjpy daily forex chart

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2 comments
Robert says

Hi. Regarding the GBPUSD, shouldn’t there be a candlestick actually touching the key level before such level changes (resistance to support)?

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    Justin Bennett says

    In most cases, yes, that’s what I look for. However given the recent bullish momentum I’m treating yesterday’s pin bar as a continuation pattern.

    Reply
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