WEEKLY OUTLOOK | EURGBP

Tendency: Temporary Uptrend ( Bullish )
Structure: Bullish Rectangle
Observation: i. Price rally sharply (Impulse leg) and then enter a period of consolidation within horizontal support and resistance level between (3rd Oct. 2016 - 2nd Dec. 2019).
ii. The series of bounded fluctuations explain the indecision in the market at this juncture.
ii. Expecting a bullish run as price hovers around the DEMAND zone (look at what happened around this season in 2016 - 12th Dec. 2016).
Trading plan: BUY at DEMAND zone with TP @ 470pips and SL @ 0.82000/0.80000zone.
Risk/Reward: 1/2
Potential Duration: 12 to 20 days

** Please note that Stop Loss is subject to individual risk appetite per trade and account size.

Watch this space for updates on lower time frames as price action is been monitored.

NB
This is a long term speculation which is to be used as a guide on lower time frames.


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