Possible EURGBP Long Position
This serves as an updated analysis on EURGBP.
According to my previous analysis, price was supposed to rally after testing a support level at 0.89300, but price went slightly below that, creating what I'd like to believe is a fake out.
I've reanalyzed EURGBP and looks like it was coming off a double top formation with both negative and positive impulse moves, creating a falling wedge pattern, which is a typical reversal pattern.
EURGBP recently bounced off the falling wedge's support line and an overall significant support area, with clear price rejection from the downside. I expect price to rally to test the immediate resistance level at 0.89900. Follow price action should be a retest of the falling wedge, hopefully granting EURGBP enough momentum to break resistance rallying all the way to 0.90800 and possibly 0.92000 shortly after that. Entry point 0.88785, stops at 0.88400
Analysis is subjective. Individual analysis adviced
According to my previous analysis, price was supposed to rally after testing a support level at 0.89300, but price went slightly below that, creating what I'd like to believe is a fake out.
I've reanalyzed EURGBP and looks like it was coming off a double top formation with both negative and positive impulse moves, creating a falling wedge pattern, which is a typical reversal pattern.
EURGBP recently bounced off the falling wedge's support line and an overall significant support area, with clear price rejection from the downside. I expect price to rally to test the immediate resistance level at 0.89900. Follow price action should be a retest of the falling wedge, hopefully granting EURGBP enough momentum to break resistance rallying all the way to 0.90800 and possibly 0.92000 shortly after that. Entry point 0.88785, stops at 0.88400
Analysis is subjective. Individual analysis adviced
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