EURGBP can be construed to be in a continuation of its long term uptrend with a dispersal triangle pattern on the daily. If this is the case we are due a move back up to the uptrend and a breakout of this shorter term downtrend shown on the chart.
As we are approaching the lower positive trend we are getting ever closer to a long opportunity where we will be targeting the level shown on the chart at TP1. We also have some bullish divergence to suggest a breakout move is on the cards.
EURGBP has a strong bullish sentiment over the last few months helped not least by news events and subsequent predictions that the European currency is due to reach 1:1 with the pound as British uncertainty continues. Buy.