EURGBP (EUROPOUND) MARKET ANALYSIS

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 Good evening traders, I hope your weekend was good and you're all doing well as we wait for the swearing in of the fifth president of our country tomorrow. Into the markets today, EURGBP price rallied to a major supply zone on the daily chart at 0.87109 & 0.86796 which is the origin of the previous drop to the daily demand level at 0.83713 & 0.83476. Price filled the major daily range from the daily supply to the daily demand and back to supply. Price rallied into supply and formed strong rejection wicks on the daily chart and a large bearish engulfing candle on H4 showing a possible reversal. Took sell entries during pre-NYSE at 0.86787 with SL at 0.87100. Setup taken is a rally base drop, a reversal setup and my 1st target is at the next H1 low at 0.85730.






Price 1st dropped 30 pips to the 1st H1 low at 0.86487 then retraced back into supply and slightly consolidated at supply accumulating more sell orders in order to give price the expected bearish push. Price gained momentum during NYSE dropping 50 pips to 0.86290 breaking the H1 low at 0.86487 and forming a lower low at 0.86290 confirming a shift in market structure to bearish. I anticipate a continuation of the drop to the previously said target at 0.85730.








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