EURGBP: Could we see a new breakout?

29 thg 5, 2023

Today's focus: EURGBP

Pattern – Range/Descending Triangle
Possible targets – .8600
Support – .8670
Resistance – .8705

Today’s update, will we see the EURGBP make a new push lower, confirming its descending triangle pattern? Price broke the main trend setting up its first leg lower. From that point, we have seen a consolidation set-up with a bearish pattern in the mix. Descending triangle patterns are seen as bearish patterns if they are set up in a new decline. So far, we have the new decline, but we need to see if sellers can confirm the pattern with a breakout through .8670 support.

If today’s rally fails to fade and if we see a new rally through range resistance, this will be a worry and could be telling that the pattern could fail.

Let’s see over today and tomorrow if sellers can regain control and maybe set up a confirmation.

Thanks for stopping by. Good trading, and have a great day.