After a failed re-test to nullify last week’s bearish engulfing pattern, the EURGBP’s correctional threat has started.

Second Finlogix analysis today goes to the EURGBP cross pair.

I was successful in shorting EURGBP last Tuesday exiting in profit:

https://www.finlogix.com/analysis/20240423/eurgbp-intraday-analysis-and-trading-plan-for-april-23-2024

There is only one European economic report this Monday and nothing in the United Kingdom.

Re-assessing EURGBP’s high timeframe candles:

Yearly Candle: Last check is a Red Long Lower Shadow now a Red Body with a Longer Tail Wick

Monthly Candle: Last check is a Green Body with almost Equal Head and Tail Wicks now a Green Long Upper Shadow

Weekly Candle: Previous close is a Red Shaven Bottom with a Large Body current is developing a Red Inverted Hammer

Daily Candle: Friday close is a Red Shaven Bottom with a Large Body current is developing a Red Inverted Hammer

According to the yearly candle structures, EURGBP continues to trade under 2023’s lower wick territory.

This is a bearish scenario on a long-term basis.

April alone shows a strong selling pressure which the pair fails to hold off its monthly gains.

Meanwhile, the 4H chart suggests a triple rejection in the 0.8640-50 range that resulted in a swift change in price direction targeting the sell side liquidity levels.

With the 17-week old FVG gone, I think there are able supports waiting down low.

As price retracing downwards, we can locate a good long opportunity in the 78.60% fib retracement from the swing low 0.8520 to swing high 0.8645 move.

I’ve already taken good short profit previously so I’ll change today’s trade plan to a buying position as price enters good discounted arrays with a still holding 4H FVG.

Last week’s a completely bearish candle but I believe there’s a minor rebound once new supports are found soon.

Here’s the new long entries to observe:

For now the EURGBP is seeking weekly demand levels to cool down the recent selling rallies.

All trade ideas I share are my own views and for my own trades only.

Copy trading and trading directly involve risks.

EURGBP Intraday Analysis and Trading Plan For April 29, 2024

Apr 29 2024

Take Profit +0.65%

Holding time 8d11hr

0.85448

Entry price

0.86001

Take profit price

1