EURGBP Shifting to long-term Bearish.The EURGBP pair gave us a very efficient Channel Up buy signal last time (July 11, see chart below) that quickly hit our 0.87400 Target:
That pattern then broke and now we shift back to the longer term dynamics of the market as the trend is shifting from bullish to bearish. The strongest bearish indicator at the moment is the 1D RSI which has been on a Lower Highs Bearish Divergence for months, in contrast to the pair's Higher Highs.
The build up pattern to this (Channel Up into Channel Down following a 1D RSI Bearish Divergence) is similar to the 2022 - 2023 sequence. That fractal turned into a Channel Down following the first Lower High that initially formed a (temporary) Low marginally above the 0.618 Fibonacci retracement level.
As a result, we shift to long-term bearish on the EURGBP pair, targeting 0.84500.
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