💱EURGBP - A break of support forms a signal

12 Jul 2023

EURGBP is breaking the descending triangle support and at the same time forming a retest of the previously broken boundary. Global trend, 0.85220 resistance plays a key role

TA on the high timeframe:
1) A break of flat support defines a new path for price. A channel to 0.84600 is opened
2) Price is in the liquidity zone. The resistance level at 0.85220 may form a sell entry point

TA on the low timeframe:
1) Bears are developing their scenario. After the support breakout, a predictable retest is formed
2) Global trend and local trend coincide. Both are downtrending
3) If the price enters the triangle range, an impulse to the resistance of the figure may be formed, but in the long term I expect a decline from both the triangle resistance and the level 0.85220

Key support📉: 0.84600
Key resistance📈: 0.85220, 0.85550