EUR/GBP Price Analysis: Bulls burned on the fake-out but still in play

• EUR/GBP bulls looking for a break of hourly resistance.
• The 38.2% Fibo of the daily bearish impulse is a compelling confluence target. 

As per the prior analysis, EUR/GBP Price Analysis: Bulls looking to the 38.2% Fibo retracement of daily bearish impulse, the conditions on the lower time frames are compelling and ripening for a long. 

Prior analysis, daily chart

The daily chart has the price headed towards the 38.2% Fibonacci having met weekly support.

Hourly chart

The hourly chart shows that the price is moving into a bullish environment and will be expected to test the trendline resistance. 

A break of which and restest of what will then become a counter trendline would lead to the anticipation of a bullish impulse to the target. 

Live market

The bulls were likely pulled in by the fakeout on the initial break of the trendlie resistance. However, accumulation phases often consist of such price action and a stop loss below the recent lows and structure will protect a long position taken from the vicinity of current resistance. 

Meanwhile, the price now needs to break the 21-moving average and resistance which will again offer a long opportunity of a restest of the structure as support.