"Symmetrical Triangle Forming on EUR/GBP – Major Move Ahead?"

Sep 12

🔹Technical Analysis Of EURGBP

▪ Chart Pattern: Symmetrical Triangle Formation
The price action is currently trading within a symmetrical triangle pattern, indicating consolidation and a potential breakout setup. The pattern shows higher lows and lower highs, suggesting a squeeze in volatility.

▪ Key Support and Demand Zone

Support Level: Around 0.86400
Demand Zone: 0.85950 – 0.86100
These levels have held well in recent price action, evidenced by multiple rejections marked by green arrows. Bulls are defending this area, making it a critical zone for potential upward momentum.

▪Bullish Breakout Expectation
If the price holds the support level and breaks out of the triangle to the upside:
First Target (Supply Zone): 0.87000 – 0.87200
Final Target (Resistance Zone): 0.87550 – 0.87750
The chart suggests a possible breakout from the triangle with a retest, followed by a rally toward the supply and resistance zones.

▪Volume Observation
Volume shows a slight increase on bullish pushes, hinting at accumulation and potential breakout interest. A spike in volume would confirm the breakout validity.

▪Conclusion
The EUR/GBP pair is coiling for a breakout. A strong bullish move above the triangle could target the 0.87000 and eventually 0.87700 levels. Traders should watch for confirmation with volume and retest behavior around the breakout point.

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Sep 16

Trade active

from support level

Sep 16

Note

Sep 19

Note

1st target achieved,

Sep 25

Trade closed: target reached

5 days ago

Note