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EURGBP - Ascending Wedge likely to break soon

FX:EURGBP   Euro / British Pound
Greetings Fellow Traders,

EURGBP             has begun forming structure worthy of my attention, an ascending wedge . An ascending wedge typically break out in a bearish manner due to the fact that they usually occur at the tail end of an established bull trend. The targets for the wedge will be near the .75000 mark as this is where the market initially found support from the wedge .

Rising EURUSD             pressure to actually fuel a much larger bearish continuation and GBPUSD             although bearish still, likely to slow it's descent in the coming days.

Watch on the daily charts for the lower support shown to be confirmed to be broken - for added momentum and confidence that you are trading with the rest of the market.

If you choose to enter earlier, you do so at your own discretion and with the understanding that this trade is not yet confirmed.

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