Euro / British PoundShort
EUR/GBP Technical analysis
The bulls effort to cross the resistance of 0.86784 seems in vain in the counter.
The bears have stamped their authority by resisting and rejecting the price action above the value of 0.86750.
Now, the counter has formed a double top pattern in the hourly chart, which is a strong reversal pattern.
Also, the ROC indicator has crossed into the negative territory.
All indications point only one thing in the counter - ‘bear strength’.
Hence we expect the pair to come down to the support level of 0.86394.
The bears have stamped their authority by resisting and rejecting the price action above the value of 0.86750.
Now, the counter has formed a double top pattern in the hourly chart, which is a strong reversal pattern.
Also, the ROC indicator has crossed into the negative territory.
All indications point only one thing in the counter - ‘bear strength’.
Hence we expect the pair to come down to the support level of 0.86394.
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