Hi Traders! EURGBP Technical Analysis And Forecast is here. We do our analysis on the MetaTrader4 platform (MT4), some very interesting, useful tips and hacks about the MT4 platform could be found here. If you would like to learn more about the way we trade and the technical analysis we use then check out the Traders Academy Club Spoiler alert – free memberships are available!
You can find the video explanation of this idea here
On the H4 chart, the price which was moving inside a range has currently broken above the top of this range and is holding above it which we may consider as evidence of bullish pressure. Also, the price which is moving higher has created higher highs between the first high that has formed at 0.86179 and the second high that has formed at 0.86416 based on the MACD indicator which we may consider as another evidence of bullish pressure.
It is always recommended to look for confirmations before you jump into any trade. If you are not sure about how to trade this buy setup then you can use any setup and strategy that you have in your arsenal to look for bullish moves and join this buy trade.
Also, don’t forget to protect your buy trade using a stop loss and make sure to set a target and keep a proper risk/reward ratio.
You will also find a pretty extensive database of educational materials here in the blog – just use the search or check out the Forex Education section above.
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If you have any further questions, don’t hesitate to drop a comment below!
To your success,
Vladimir Ribakov
Certified Financial Technician
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