EURGBP - Double top
EURGBP (D) - medium term bearish bias
The pair started to form a double top after the euro failed to break above the previous high of 0.8590. This bearish pattern was confirmed by a dip below the major daily support level of 0.8450. Now that the 20-day moving average is crossing below the 30-day one, sentiment has turned downbeat. We would expect the euro to resume its downtrend against the British pound. 0.8300 will be the immediate target should the pair complete a M pattern.
Key support: 0.8300
Key resistance: 0.8590
The pair started to form a double top after the euro failed to break above the previous high of 0.8590. This bearish pattern was confirmed by a dip below the major daily support level of 0.8450. Now that the 20-day moving average is crossing below the 30-day one, sentiment has turned downbeat. We would expect the euro to resume its downtrend against the British pound. 0.8300 will be the immediate target should the pair complete a M pattern.
Key support: 0.8300
Key resistance: 0.8590
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.