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EUR/GBP - Further selling below 0.7633

FX:EURGBP   Euro Fx/British Pound
Formation on daily chart - head and shoulder breakout

  • Pair's exhaustion near head and shoulder neckline resistance yesterday and today followed by a day end closing below 0.7633 (38.2% of Aug 2013 high-Nov 2015 low) would open doors for a further drop to 0.7526 (Feb 3 low).
  • Oversold RSI on the hourly timeframe could lead to a short-term loss of momentum and sideways action.
  • Bearish invalidations is seen only if prices see a day end closing above head and shoulder neckline resistance.
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