Big picture over past 7 years. EURGBP seems to have formed a distribution pattern.
Good shorting opportunity at the confluence of resistance areas, with good reward ratio as the RSI is already overbought and due to lack of support if the pair breaks decisively 0.78 in the next couple of months. Bearish biais could be negated if the pound surpassed the downtrend resistance channel around 0.82.
Interestingly, the moment of truth seems to coincide with the referendum in June. Well, the chart suggests high caution for the longs.
Good shorting opportunity at the confluence of resistance areas, with good reward ratio as the RSI is already overbought and due to lack of support if the pair breaks decisively 0.78 in the next couple of months. Bearish biais could be negated if the pound surpassed the downtrend resistance channel around 0.82.
Interestingly, the moment of truth seems to coincide with the referendum in June. Well, the chart suggests high caution for the longs.