After the drop to 0.8250 — a level not touched since 2022 — EURGBP rebounded to 0.8450 before starting another decline.
However, the 0.8250 support held firm once again, a higher low follow, and EURGBP eventually broke above 0.8450, confirming a double bottom pattern.
Price acceleration quickly took the pair above 0.8700, and now EURGBP is undergoing a normal correction.
The broken neckline at 0.8450 now acts as clear support.
Traders could look to buy near the 0.8450 retest, using a tight stop below the neckline, and aiming for at least a 1:3 risk-reward ratio.
Disclosure: I am part of Trade Nation's Influencer program and receive a monthly fee for using their TradingView charts in my analyses and educational articles.
However, the 0.8250 support held firm once again, a higher low follow, and EURGBP eventually broke above 0.8450, confirming a double bottom pattern.
Price acceleration quickly took the pair above 0.8700, and now EURGBP is undergoing a normal correction.
The broken neckline at 0.8450 now acts as clear support.
Traders could look to buy near the 0.8450 retest, using a tight stop below the neckline, and aiming for at least a 1:3 risk-reward ratio.
Disclosure: I am part of Trade Nation's Influencer program and receive a monthly fee for using their TradingView charts in my analyses and educational articles.
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📈 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.