RLinda ! EURGBP-> Head and Shoulders Pattern. Falling down?
EURGBP shows a strong long-term uptrend, which began its formation in March. There is a global price channel formed on the chart, two days ago the price is testing the resistance of the channel and yesterday's bearish candle shows us the beginning of a bullish trend.
(Chart 1. The price is in the ascending channel, but the market is forming the mood for the transition to the correction phase)
A range between 0.878 and 0.856 is forming in the channel. At this moment, when the price got a resistance of the daily MA-50, we might expect that the price will go down to the support of the daily MA-200.
On the local chart, the price has formed a false-break of the resistance at 0.87734; we also see the formation of the pattern "Head and Shoulders". The price is in the phase of formation of the second shoulder and it is testing the resistance at 0.87115. I suppose that in the near future we may see a breakdown of the pattern base (support), followed by the price decrease to 0.867, and further to the liquidity zone (range support) 0.8578.
Regards R. Linda!
(Chart 1. The price is in the ascending channel, but the market is forming the mood for the transition to the correction phase)
A range between 0.878 and 0.856 is forming in the channel. At this moment, when the price got a resistance of the daily MA-50, we might expect that the price will go down to the support of the daily MA-200.
On the local chart, the price has formed a false-break of the resistance at 0.87734; we also see the formation of the pattern "Head and Shoulders". The price is in the phase of formation of the second shoulder and it is testing the resistance at 0.87115. I suppose that in the near future we may see a breakdown of the pattern base (support), followed by the price decrease to 0.867, and further to the liquidity zone (range support) 0.8578.
Regards R. Linda!
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