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Momentum Scorecard: Table Set for Intraday EUR/GBP Rally

Momentum Scorecard: Table Set for Intraday EUR/GBP Rally

Christopher Vecchio, CFA, Senior Strategist
Momentum_Scorecard_Table_Set_for_Intraday_EURGBP_Rally_body_Picture_1.png, Momentum Scorecard: Table Set for Intraday EUR/GBP Rally

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Momentum_Scorecard_Table_Set_for_Intraday_EURGBP_Rally_body_x0000_i1028.png, Momentum Scorecard: Table Set for Intraday EUR/GBP Rally

- The EURGBP’s score of +3.43 suggests a stronger long-term uptrend upended by consolidation on lower timeframes (m15, m30, H1).

- The retracement overnight appears to be a Bull Flag on the H1 timeframe, with an hourly Hammer (bullish reversal candle) forming as the pair found support at £0.8625/35 (50% Fib July 10 low to July 11 high).

- The H1 Hammer would be confirmed on a close above 0.8636, half of the candle’s body.

- H1 Slow Stochastics (5,3,3) have turned higher amid the reversal candle, suggesting that a retest of Bull Flag channel resistance at 0.8655/60 is due over the coming hours.

- Bull Flag suggests a break of 0.8675 will see 0.8700/05 and 0.8745/50 to the upside.

- Intraday bullish bias holds unless 0.8615/20 fails as support on H1.

Read more: ECB Monthly Bulletin Completes the Central Bank Trifecta

*Trend definitions: “uptrend” is defined as 8-MA>21-MA>55-MA; “downtrend” is defined as 8-MA<21-MA<55-MA; a “trendless” market occurs when continuity is absent.

*Scoring methodology: there are seven time frames, ascending from m15 (15-minutes) to W1 (one-week). In ascending order, each pair is assigned a value from -7 to +7 based on the trend apparent on the specified time frame (I.E. a m15 uptrend equals +1, whereas a H1 downtrend equals -3). If neither an uptrend nor downtrend is present, the trendless timeframe receives a score of 0. These points are totaled and the average is reported on the right. The strongest uptrend would achieve a score of +4.00, while the strongest downtrend would achieve a score of -4.00.

--- Written by Christopher Vecchio, Currency Analyst

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.