EUR/GBP Price Analysis: Bullish accumilation in play, 0.8620 eyed first
|- EUR/GBP bulls move in from critical daily support area.
- Bulls eye 0.820 ahead of 0.8650-0.8680 zone.
EUR/GBP is being accumulated on the weekly and daily charts and the following illustrates the bullish bias towards daily targets.
EUR/GBP weekly chart
The price is moving higher following a typical Wycoff methodology fakeout during the phase of accumulation. This gives rise to the prospects of last week's bullish weekly candle stick's wick being filled in the following days on a lower time frame to take out the 21-week moving average.
EUR/GBP daily chart
From a daily perspective, the price is riding the support of a dynamic trendline after a correction of the prior daily impulse to the 61.8% golden ratio. That move also completed a run to test the neckline of the W-formation which gives extra confluence to the bullish bias for the week ahead. Bulls can target an initial test of 20 July lows near 0.8620 which would be expected to offer resistance.
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