EUR/GBP: what's the next step? A big drop inbound?
Taking a look at the Monthly candle closure, we might observe that the price has printed a massive wick candle to the upside, implying that bears are in control.
A massive impulsive push from the 0.876 area of support into the 0.888 level of the upper boundary of the descending channel plotted on the graph, might bring some buyers into the game, as they would well think that the sentiment might have turned bullish.
However, according to our projections, the price might perform one more tap above the upper barrier and grab liquidity before commencing its drop mission and striving for the target we have plotted on the graphic.
Either way, we will keep monitoring the course of events and look into executing positions once the time is right.
A massive impulsive push from the 0.876 area of support into the 0.888 level of the upper boundary of the descending channel plotted on the graph, might bring some buyers into the game, as they would well think that the sentiment might have turned bullish.
However, according to our projections, the price might perform one more tap above the upper barrier and grab liquidity before commencing its drop mission and striving for the target we have plotted on the graphic.
Either way, we will keep monitoring the course of events and look into executing positions once the time is right.