The EUR/GBP pair has formed a double top formation.
It has the broken the support level and is currently consolidating below that.
Also, the MACD indicator is printing in bearish territory.
Hence we expect the pair to be bearish and find support at 0.85097.
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...
EUR/GBP is limping towards north with subdued momentum.
The brexit uncertainty is set to continue for six more months. Hence, the pair is unable to find a trendy move.
Technically, the pair formed an ascending triangle pattern and broke its resistance of 0.86543.
Since there are no fundamental triggers to act in this counter, it is set to hobble its way to the...
EUR/GBP is in its bear cycle, according to Elliott wave.
It has completed its wave B and has also formed a bullish engulfing candle near the support zone.
Hence we expect the pair to be bullish and commence its wave C from here.