From 29th August 2017 (0.93061) to 27th September 2017 (0.87459) the pair has fallen with over 550 pips, after which it has successfully formed a pennant, which is especially obvious on the D1 time frame, and if the pair reaches its limit it should fall to 0.8350.
At the moment, however, EUR/GBP is in a support zone, also especially obvious on the daily time frame and I think that in order to break out below that zone it will need time and a correction to the upside.
Should it break out below this support zone the next support zone should be around 0.8600 – 0.8560.
It's quite bearish, indeed.
ReplyDeleteWill keep in mind your assessment!
ReplyDeleteSeems like is making an inverted cup and handle pattern. So I'm going short.
ReplyDeleteGood work, keep it up.
ReplyDeleteInformative review on current market conditions.
ReplyDeleteGood insight.
ReplyDeleteThanks for such an informative article.
ReplyDeleteEur/Gbp remains bearish.
ReplyDelete