Symbol - EURGBP
CMP - 0.8460
The EURGBP pair is currently within the distribution phase (with a news-driven backdrop) and has tested the resistance level at 0.8461 and the associated liquidity zone. However, a false breakout has occurred, indicating a lack of sustained upward momentum. Meanwhile, the Dollar Index is experiencing a decline following the announcement of new tariffs by President Trump, which generally triggers a market-wide rally. However, in anticipation of the upcoming Non-Farm Payroll (NFP) report, the market is shifting towards profit-taking as growing risks become more apparent. Key economic news releases are expected, which could introduce significant volatility.
From a technical perspective, following a strong price movement, the currency pair has formed a false breakout of resistance and is now consolidating within the selling zone. Should the bears manage to maintain the price below 0.8461, a short-term correction towards the 0.5 Fibonacci level or the Fair Value Gap (FVG) zone can be anticipated.
Resistance levels: 0.8460
Support levels: 0.8427, 0.8396
The current market conditions are complex, driven by an unstable backdrop. However, from a technical standpoint, this scenario mirrors a typical false breakout of a significant resistance level, which, according to historical data, often precedes strong price movements following the breakout of key levels.
CMP - 0.8460
The EURGBP pair is currently within the distribution phase (with a news-driven backdrop) and has tested the resistance level at 0.8461 and the associated liquidity zone. However, a false breakout has occurred, indicating a lack of sustained upward momentum. Meanwhile, the Dollar Index is experiencing a decline following the announcement of new tariffs by President Trump, which generally triggers a market-wide rally. However, in anticipation of the upcoming Non-Farm Payroll (NFP) report, the market is shifting towards profit-taking as growing risks become more apparent. Key economic news releases are expected, which could introduce significant volatility.
From a technical perspective, following a strong price movement, the currency pair has formed a false breakout of resistance and is now consolidating within the selling zone. Should the bears manage to maintain the price below 0.8461, a short-term correction towards the 0.5 Fibonacci level or the Fair Value Gap (FVG) zone can be anticipated.
Resistance levels: 0.8460
Support levels: 0.8427, 0.8396
The current market conditions are complex, driven by an unstable backdrop. However, from a technical standpoint, this scenario mirrors a typical false breakout of a significant resistance level, which, according to historical data, often precedes strong price movements following the breakout of key levels.
Trade closed: stop reached
Short position closed with -35 pips loss.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Trading isn’t a gamble. When skill meets discipline - profit becomes the natural outcome.
Join me, I'll guide you to PROFITABLE TRADING.
Connect with me directly on WhatsApp: +91-9915885550
Join my free Telegram group: t.me/akshit_official
Join me, I'll guide you to PROFITABLE TRADING.
Connect with me directly on WhatsApp: +91-9915885550
Join my free Telegram group: t.me/akshit_official
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.