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EUR/GBP with a nice bearish wedge

Written by | 1970-01-01 00:00:00 GMT

“As long as we stay below the lower green line, the is negative and we should see a further decline. Our target is on the yellow horizontal support, so 270 pips lower. Quite promising, right? “

270 pips right? On the 25th of January, the price was around 300 pips lower and that is our local bottom for now. We re usually very modest but you have to admit that it was a great call! Since the price made that low, we do have a bullish correction. The correction was at the first stage shaped like a wedge (blue) and did not surprise the traders because it ended with a bearish breakout. After that, the price created another wedge but this time significantly smaller (purple). This one should end up with a bearish breakout too and that is our latest outlook on this instrument.

EURGBP

If you want to play it safe and you are not totally convinced about the sell signal, you can wait for the breakout of the blue horizontal support first. As for the target, we look at the green line around 0.863, so lows from January. The sell signal will be canceled, when the price will go above the top of the blue wedge, which is currently less likely to happen.

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