GBPEUR, Massive DOUBLE-Top, Final Breakout-Setup Emerging!

VincePrince Updated   
FX_IDC:GBPEUR   British Pound / Euro
Hello There!

Welcome to my new analysis of GBPEUR. Since GBPEUR formed the major top last month August 2023 it heavily emerged with bearish momentum towards the bearish direction and has not yet recovered since this battered price-action inclinement. Now a big consideration is if GBPEUR finally develops a crucial continuation formation and if the bearish momentum is going to accelerate so heavily that a massive bearish momentum spike moves into the target zones. Because of the significance of this determination, I have analyzed GBPEUR in the analytics backend and detected major signs to not underestimate when considering the bearish inclined price-action GBPEUR has shown up with.

Formational Determination:
When looking at my chart now with the recent bearish momentum price-action GBPEUR moved on to test the major price-action zone at 1.1495 which has been tested already before as GBPEUR formed the first top within the whole formation, the more often the zone is tested the higher and more volatile the breakout develops once it has emerged. Now, with this second test, GBPEUR is about to complete a major paramount decisive double top formation which is the most prevalent formation here that is likely to validate a major bearish continuation once it has been completed. Such a double top formation in almost all cases is the origin of high bearish pressures once completed.

Upcoming Perspective:
Now, once GBPEUR has formed the breakouts below the 1.1495 level it is going to set up a confirmational formation as seen in my chart which is likely a bear flag formation setting up the wave C, and simultaneously the whole completion of the bearish formation. Once the confirmational bear flag formation has been completed it will be the origin of the next bearish wave C extension towards the downside and from there on GBPEUR is going to continue till the final double-top targets have been reached as marked in my chart. What has to be mentioned here as well is that the completion of the bearish double-top formation is also going to activate the bearish EMA crossover that is going to accelerate the bearish dynamics.

In this manner, thank you everybody for watching my analysis of ORCL. Support from your side is greatly appreciated.

UPDATE: GBPEUR has a main resistance within the descending trend line.

GBPEUR is already pulling back off the main resistance and is going to accelerate the bearish momentum to further breakouts in the upcoming times.


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