EUR/GBP: a detailed chart breakdown. Charge up short positions!
As it can be observed from the 8H timeframe chart, the price has rejected the 0.871 key area of resistance and started printing bearish moves.
At the moment, we can notice how the price is rejecting the local area of resistance and possibly forming a top before continuing its bearish impulsive movements.
All in all, we are expecting for the price to keep decreasing and reach the area of previous resistance which now serves as support that lines up the 61.8% Fibonacci retracement level.
At the moment, we can notice how the price is rejecting the local area of resistance and possibly forming a top before continuing its bearish impulsive movements.
All in all, we are expecting for the price to keep decreasing and reach the area of previous resistance which now serves as support that lines up the 61.8% Fibonacci retracement level.