EUR/GBP: detailed chart illustration. What is the next move?
First and foremost, taking a look at higher-timeframe graphs, we may observe that the sentiment of EURGBP remains bearish for the time being.
Failure to break the 0.88970 area of resistance has brought to a dramatic price drop and a seriously bearish set of DAILY TF candle closures.
As we know, the market moves in "impulse + correction" phases. We have witnessed a massive drop, and now, we are awaiting a correctional move before entering SELL positions and riding the price to the downside.
The 0.885 crucial level that lines up with the 61.8% Fibonacci retracement level drawn from the top of the H8 impulse has been plotted on the graph as a potential region to go short from.
We will keep close eyes on the price development and look for executions around the monitored zone.
Failure to break the 0.88970 area of resistance has brought to a dramatic price drop and a seriously bearish set of DAILY TF candle closures.
As we know, the market moves in "impulse + correction" phases. We have witnessed a massive drop, and now, we are awaiting a correctional move before entering SELL positions and riding the price to the downside.
The 0.885 crucial level that lines up with the 61.8% Fibonacci retracement level drawn from the top of the H8 impulse has been plotted on the graph as a potential region to go short from.
We will keep close eyes on the price development and look for executions around the monitored zone.