After a 4 year Expanding Triangle corrective move from 2017, EURGBP made an impressive impulsive move up in early 2020, followed by a corrective move ever since.
We are now at some significant Fib retracement levels and it is decision time for this pair.
Either we find some support around here somewhere and start to see an impulsive move up which would signal the potential continuation of the weekly/monthly uptrend, or we see some further downside with a view to test the next support levels and/or the bottom on the triangle before it chooses its next direction.
Considering the Fib levels we're at and the divergence we're seeing on the momentum indicators I'm expecting at least a bounce/consolidation period soon.
We'll be watching this pair like a hawk for signs of a turn in the network.
Give us some love with a Like and a Follow for more ideas.
Cheers
Dale
DISCLAIMER: Just ideas, no crystal ball, NO ADVICE. The information presented here is general in nature and is for education purposes only. Nothing should be considered to be advice. You should consult with an appropriate professional for specific advice tailored to your situation.
We are now at some significant Fib retracement levels and it is decision time for this pair.
Either we find some support around here somewhere and start to see an impulsive move up which would signal the potential continuation of the weekly/monthly uptrend, or we see some further downside with a view to test the next support levels and/or the bottom on the triangle before it chooses its next direction.
Considering the Fib levels we're at and the divergence we're seeing on the momentum indicators I'm expecting at least a bounce/consolidation period soon.
We'll be watching this pair like a hawk for signs of a turn in the network.
Give us some love with a Like and a Follow for more ideas.
Cheers
Dale
DISCLAIMER: Just ideas, no crystal ball, NO ADVICE. The information presented here is general in nature and is for education purposes only. Nothing should be considered to be advice. You should consult with an appropriate professional for specific advice tailored to your situation.