EURGBP broke triangle pattern, potential downside
On the weekly timeframe: While following a triangle pattern that has started in May-July of 2017, we can see that this week the price just broke the support level. Depending on whether we consider this a 3rd or 4th touch of the trendline, this may indicate a high probability of a bearish trend continuation.
By looking at the Fibonacci levels between the previous LH and HL, we notice that the price broke 61.8% (0.9043) and almost touched the 71% level (0.9106), indicating a high chance of reversal towards the 0% level (0.8619). We can keep that bias long-term.
On the daily chart, we can see an bearish engulfing range ending on the 31st of Oct, confirming the reversal trend. We may see minor consolidation around the 0.8750 key level, and further bearish movement towards the long term target of 0.862
By looking at the Fibonacci levels between the previous LH and HL, we notice that the price broke 61.8% (0.9043) and almost touched the 71% level (0.9106), indicating a high chance of reversal towards the 0% level (0.8619). We can keep that bias long-term.
On the daily chart, we can see an bearish engulfing range ending on the 31st of Oct, confirming the reversal trend. We may see minor consolidation around the 0.8750 key level, and further bearish movement towards the long term target of 0.862
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