EURGBP // ICT based Monthly long term analysis (multi-scenario)
Updated
Okay let's have a look at what we can see happening. EURGBP stabbed into the bearish orderblock as shown in the chart on the 7th & 8th month. The 9th month (right now) is the logical reaction of the move away from the bearish orderblock.
- The formation of the bearish orderblock happened above 0.835, meaning this will likely be absolute max for the wicks/shadows of the next swing high (which when the analysis is correct, will likely take a couple of years from now to occur).
- Threats for the move down are the 0.805 and 0.792 levels. Respectively they have formed rather explosive upmoves in the past. With months that went well over 13.000 pips into the other direction. So keep them and levels just above them in your alerts if you're bearish.
- Furthermore: if we see a response off of either the 0.805 or the 0.792 levels we'll have to see a strong rejection off the current bearish orderblock we're in. If we don't, it's possible that we'll break the tops and return into a bullish trend not visiting the 0.67950.
I'll keep monitoring the EURGBP long term so I'll be happy to keep this idea updated.
Thanks for reading and I hope this was helpful to you.
Trade with care. Best regards,
- The formation of the bearish orderblock happened above 0.835, meaning this will likely be absolute max for the wicks/shadows of the next swing high (which when the analysis is correct, will likely take a couple of years from now to occur).
- Threats for the move down are the 0.805 and 0.792 levels. Respectively they have formed rather explosive upmoves in the past. With months that went well over 13.000 pips into the other direction. So keep them and levels just above them in your alerts if you're bearish.
- Furthermore: if we see a response off of either the 0.805 or the 0.792 levels we'll have to see a strong rejection off the current bearish orderblock we're in. If we don't, it's possible that we'll break the tops and return into a bullish trend not visiting the 0.67950.
I'll keep monitoring the EURGBP long term so I'll be happy to keep this idea updated.
Thanks for reading and I hope this was helpful to you.
Trade with care. Best regards,
Note
Here is the smaller distillate weekly chart:Sorry if it's a mess with the monthly arrows still on there, I wanted to use them as extra reference for the general trend reasoning behind it. Didn't really know if I should keep them on there or not.
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