Analysis Summary:
The EUR/GBP pair has shown a potential bullish reversal on the 4-hour timeframe after forming a double-bottom structure near the 0.84800 support zone. A trendline has been drawn from recent higher lows, suggesting the initiation of an upward move.
Technical Indicators:
RSI (14): The RSI has broken above a descending trendline, indicating potential bullish momentum. Current RSI reading is 44.58, crossing above the signal line (40.68), hinting at growing bullish strength.
Price Action: A higher low is forming in confluence with trendline support, and recent bullish candles indicate buying pressure.
Trade Details:
Entry: 0.85042 (Current Market Price)
Take Profit (TP): 0.85583
Stop Loss (SL): 0.84805
Risk-to-Reward Ratio: Approximately 1:2
Conclusion:
This trade anticipates a continuation of the bullish move, backed by RSI breakout and trendline support. A clean invalidation below 0.84805 ensures risk management is in place, while the target at 0.85583 aligns with previous resistance.
The EUR/GBP pair has shown a potential bullish reversal on the 4-hour timeframe after forming a double-bottom structure near the 0.84800 support zone. A trendline has been drawn from recent higher lows, suggesting the initiation of an upward move.
Technical Indicators:
RSI (14): The RSI has broken above a descending trendline, indicating potential bullish momentum. Current RSI reading is 44.58, crossing above the signal line (40.68), hinting at growing bullish strength.
Price Action: A higher low is forming in confluence with trendline support, and recent bullish candles indicate buying pressure.
Trade Details:
Entry: 0.85042 (Current Market Price)
Take Profit (TP): 0.85583
Stop Loss (SL): 0.84805
Risk-to-Reward Ratio: Approximately 1:2
Conclusion:
This trade anticipates a continuation of the bullish move, backed by RSI breakout and trendline support. A clean invalidation below 0.84805 ensures risk management is in place, while the target at 0.85583 aligns with previous resistance.
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