EURGBP has moved dynamically north since December 2015. Although these increases have not reached the level of 0.9600, it was already in September last year when a very strong supply reaction that could herald the appearance of at least a larger downward correction.
Looking at the weekly interval, we notice that the market from mid-September last year. oscillates around local support. In order for the declines to be continued, we would have to permanently overcome this level.
This scenario is supported by the current situation at the daily interval, where we can notice formation of rectangular triangle forming. If the market left the system thru the bottom, potential drops could reach even the level of 0.8350.
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Opportunity for an earlier search for sell signals could be a bottom out-breaking from local consolidation at the 60-minute interval. In this case, after reaching the lower limit of the triangle formation, we could have already generated a profit around 80 pips.
At the same time, I am pleased to inform you about the new series of webinars. Every Sunday, just before the markets are opened, we invite traders to check in. During the last 60 minutes. We will present everything that you should pay attention to during the next few days. In addition to the fundamental analysis, we will also look at the technical situation on the most interesting financial instruments.
Meeting plan:
An overview of the most popular instruments in technical terms
Analysis of instruments proposed by the meeting participants
Review of the most important publications planned for the coming week
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