EUR/GBP – Rising trend line breached ahead of BOE QIR

FX:EURGBP   Euro / British Pound
Hourly chart pattern – Rising trend line breached, triangle formation

  • Having failed to sustain above triangle resistance/falling trend line the cross has confirmed a break below rising trend line support on hourly, which indicates the pair may be heading lower to triangle support now seen at 0.7867 levels.
  • Hourly 200-MA is acting as a support as of now, hence sellers needs to observe caution.
  • Weakness is likely to gather pace once prices drop below hourly 200-MA.
  • On the higher side, only a break above 0.7920 would shift risk in favor of a rise to 0.7947. A day end closing above 0.7947 is required to signal continuation of the rally from April low.

Note - There is also a head and shoulder developing on daily chart
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