After reaching a high near 0.93, EurGbp fell strongly with a drop of 600 pips in just a week.
After this drop, the pair started to consolidate and although it made some new local lows, these are marginal and the pair is contained in a falling wedge pattern.
At this moment the price is trading in falling trend line resistance which is also confluent with the horizontal resistance at the 0.87 zone.
As long as the recent low is intact, I favor gains and the previous high can be the bull's target.
After this drop, the pair started to consolidate and although it made some new local lows, these are marginal and the pair is contained in a falling wedge pattern.
At this moment the price is trading in falling trend line resistance which is also confluent with the horizontal resistance at the 0.87 zone.
As long as the recent low is intact, I favor gains and the previous high can be the bull's target.
📈 Forex & XAU/USD Channel:
t.me/intradaytradingsignals
💎 Crypto Channel:
t.me/FanCryptocurrency
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
📈 Forex & XAU/USD Channel:
t.me/intradaytradingsignals
💎 Crypto Channel:
t.me/FanCryptocurrency
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.