EURGBP SELL
EURGBP his pair has been in a downtrend since late December 2023, with consistent lower highs and lower lows leading to a 2.5% plunge from peak to trough. It fell to a six-month low earlier this week before bouncing off a technical floor at 0.8500.
For a positive shift in market sentiment towards the euro against the British pound, it's crucial for the exchange rate to remain above 0.8500. If prices fall below this mark, there's a possibility of a rapid descent towards channel support at 0.8465, followed by further losses directing attention to 0.8400.
If we can see a drop in price that breaks through this area there is a great chance that we could see price create a lower low in price.
Alternative Scenario:
If the price bounces at this level and breaks the highs, the uptrend will continue.
Join our Community Learn, Earn, and Grow!!
linktr.ee/Tkprophet
linktr.ee/Tkprophet
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Join our Community Learn, Earn, and Grow!!
linktr.ee/Tkprophet
linktr.ee/Tkprophet
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.