TipTVFinance

EUR/GBP - increased prospects of head and shoulder formation

FX:EURGBP   Euro Fx/British Pound
I had spotted a possible head and shoulder formation on EUR/GBP             daily chart yesterday.

The prospects of have just increased, given the bearish break from a triangle formation seen on the hourly chart. A daily close today below 0.7867 would add more crendece to the view that the cross is forming a head and shoulder formation and prices areon track to test neckline level at 0.7751.

Bearish invalidation is seen only if we see a day end closing above 0.7947 (May 4 high).
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