EUR/GBP Intraday Long: Targeting Resistance from Key Support

Charting the Sideways Path to Opportunity

Good morning, KoraFX community. Let's analyze EUR/GBP, a pair I've been closely monitoring. Currently trading at 0.86028, the pair has seen a 0.27% increase over the last 24 hours, but the overarching trend remains sideways. The daily range from 0.85686 to 0.8637 clearly illustrates this consolidation. However, even in a range-bound market, opportunities arise when price action approaches critical levels. My analysis suggests we're setting up for an intraday long play here.

The Confluence for a Long Entry

My entry for an intraday long position is set at 0.85919. This level represents a retest of a short-term demand zone, just above the established strong support at 0.8569. When looking at the lower timeframes, I see price action forming higher lows, indicating accumulating buying pressure. The confluence is strong here, with a bounce expected off this area before a push towards higher resistance. My stop loss is strategically placed at 0.85372, safely below the robust 0.855 support level and offering enough room to absorb normal market fluctuations without getting stopped out prematurely.

Risk-Reward and Targets

This setup offers a favorable risk-reward profile. My