The current market price of EURGBP is sitting at support area.
Considering the previous Daily price action, the price is forming lower highs into the support area which means buyers are not strong enough and sellers are rejecting any jump in price.
The current price actions is forming a DESCENDING TRIANGLE, which is a bearish pattern. But it will be activated only when the Daily candle closes below the neckline of triangle, which in this case is the support area of 0.8718-0.869
Once, the daily candle closes below the support range, we can expect price to keep falling till 0.855, unless, the next daily candle closes back above the support resulting in FAKE BREAKDOWN/FALSE BREAKDOWN/BEAR TRAP.
HOWEVER, since price is at support, price may bounce.
On going to Lower Time Frame of 30 minutes, i see a double bottom pattern which is a reversal pattern. If the pattern breaks out, i expect the price to move up. Falling trendline may act as a resistance, so make sure to book profits before that.
CONCLUSION-
1. Price is at support and may bounce. 30 min double bottom has been formed. Breakout of pattern may result in jump in prices
2. If Daily candle closes below the support range of 0.8718-0.869, expect prices to fall till 0.855
Let me know in the comments section if you want me to analyse any other financial instrument.
WARNING:-
ALWAYS FOLLOW RISK MANAGEMENT AND POSITION SIZING WHILE TAKING ANY TRADE.
Considering the previous Daily price action, the price is forming lower highs into the support area which means buyers are not strong enough and sellers are rejecting any jump in price.
The current price actions is forming a DESCENDING TRIANGLE, which is a bearish pattern. But it will be activated only when the Daily candle closes below the neckline of triangle, which in this case is the support area of 0.8718-0.869
Once, the daily candle closes below the support range, we can expect price to keep falling till 0.855, unless, the next daily candle closes back above the support resulting in FAKE BREAKDOWN/FALSE BREAKDOWN/BEAR TRAP.
HOWEVER, since price is at support, price may bounce.
On going to Lower Time Frame of 30 minutes, i see a double bottom pattern which is a reversal pattern. If the pattern breaks out, i expect the price to move up. Falling trendline may act as a resistance, so make sure to book profits before that.
CONCLUSION-
1. Price is at support and may bounce. 30 min double bottom has been formed. Breakout of pattern may result in jump in prices
2. If Daily candle closes below the support range of 0.8718-0.869, expect prices to fall till 0.855
Let me know in the comments section if you want me to analyse any other financial instrument.
WARNING:-
ALWAYS FOLLOW RISK MANAGEMENT AND POSITION SIZING WHILE TAKING ANY TRADE.