EURGBP update

Morning Dynamic Traders

I wanted to check in on the EURGBP price action today, which I've been keeping an eye on the past couple of weeks for a possible continuation to the upside.

The Daily chart confirms that we did indeed see a BOB of the TL but as you can see price has very quickly been stopped in its tracks with the R level above. Yesterday price tagged the R and gave us an indecision candle. But the RSI has crossed above 50 - could this mean price may pick up strength?
















Drilling down into the 4 hour has thrown some interesting light on the situation. Price has tested this R level three times now, giving us a possible TT. We can see price is hovering around the VI and MACD is diverging. So what next?
















Should the TT play out we may well see price head down - but we need that confirmation with a BOB of the low. The Daily chart still suggests we're in an uptrend so price could fight this defying R and continue up to resume it's trend. But with the 4 hr showing us possible signs of another pullback/reversal let's wait and see what happens. As always please carry out your own analysis.

Here's to great trading!
Sonia Molina