💱EURGBP - Distributive Growth. Retest of resistance
EURGBP is in a sideways range amid a downward global trend. The price is testing the upper boundary, which plays the role of a strong resistance, where there is a high chance for a rebound
TA on the high timeframe:
1) False breakdown of 0.8666 forms a fall to the support, thus the price confirms the presence of flat
2) Impulse is forming, most likely the area of 0.8650 - 0.8684 can be a medium-term target.
TA on the low timeframe:
1) A distributive resistance retest is being formed. Such movements are quickly stopped by strong levels
2) Since we have a global downtrend and a range formed, a fall to 0.86000 is likely from resistance
Key resistance📈: 0.8651, 0.8666
Key support📉: 0.86000
TA on the high timeframe:
1) False breakdown of 0.8666 forms a fall to the support, thus the price confirms the presence of flat
2) Impulse is forming, most likely the area of 0.8650 - 0.8684 can be a medium-term target.
TA on the low timeframe:
1) A distributive resistance retest is being formed. Such movements are quickly stopped by strong levels
2) Since we have a global downtrend and a range formed, a fall to 0.86000 is likely from resistance
Key resistance📈: 0.8651, 0.8666
Key support📉: 0.86000
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