EUR/GBP - Key support holding | Forex Factory

  • EUR/GBP - Key support holding

    From marketpulse.com

    With both the ECB and BoE meetings now behind us, how do we assess the impact on the currencies and what it means going forward? Interestingly, there were no major surprises on either side. The BoE moved slightly earlier while the ECB tweaked its asset purchases, with the result being that the PEPP comes to an end in March while the support it provided is only slowly phased out over an additional six months. In terms of the technicals, there may also be some interesting takeaways. The spike lower yesterday saw the pair run into support around the 61.8 fib (4-hour chart) before quickly recovering to sit back above the ... (full story)

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traderathome
Dec 18, 2021 8:10pm
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"EUR/GBP - Key support holding......" Sounds bullish, but tentatively. Precarious. But, is it precarious?

This has been in a 200 pips range for several months now. On the H4 chart we can see particular areas of higher activity. These areas follow upwards breakouts, when the MMs knock the price back to the BO area......textbook buying when PA retraces to the recent BO area. We can also see that just this week now ended, the MMs whacked PA right back down to the same area, and upon doing so the activity become notably increased. This could well mean SM had....maybe still has....more buy orders to be filled. If so, it is highly unlikely PA will move back up and BO from this 200 pips ranging. Maybe what is needed for the MMs to be able to complete filling the buy orders of SM is for the market sheep to get a bearish bias......start selling each time the MMs whack the price.....it's been working so far. All the MMs need do to attract sellers is continue to create PA that helps destroy belief in "support" ........HTMRW.
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