EURGBP Bottom of Structure, Watch for bullish reversal

25. Okt. 2021

Hello everyone:

Also on my watchlist is EURGBP for potential bullish reversal opportunities.

We can see after a strong bearish impulse phase, price falls into a larger, deeper correction.

With few evenly swing highs and lows, a parallel channel correction is formed.

These larger correction tends to be more neutral, and doesn't necessary have to continue that previous bearish price.

Instead, what we get here on the lower time frame is a possible reversal correction at the bottom of the larger correction.

If price can manage to reverse impulse up on the LTF, follow by bullish continuation correction, then expecting price to reverse to the top of the HTF channel correction.

thank you