EURGBP → Transition of the market to the distribution phase

22 Mar

EURGBP on the background of stronger decrease of GBP than EUR, connected mainly on the background of economic and geopolitical factors allows the currency pair to break the resistance of consolidation.



Globally, the currency pair is in neutral-negative condition, as there is no clear trend, at the same time a wedge and symmetrical triangle are traced on the background of weak downward movement. But, the breakthrough of the upper boundary of consolidation can become the beginning of a local bullish trend. In general, there is a potential for price growth by 1 - 1.5%. On H4, the price breaks the resistance of the long consolidation, which technically puts the market in the distribution state. It is worth paying attention to the resistance at 0.8588. Breakout and consolidation of this boundary will open the price a new way up.

Resistance levels: 0.8533, 0.8621, 0.8699.
Support levels: 0.8533, 0.8500

The market has a potential for further growth. I am waiting for a breakthrough of the above resistance with further growth to the targets on the chart.

Regards R. Linda!