EURGBP 4H Chart: Confirms medium-term pattern
The common European currency has been bound in several long and medium-term patterns which have guided the currency pair lower since August 2017.
When taking a look at the price movement, the pair’s has been trading in a large-scale triangle which was formed in August. The Euro bounced off the lower boundary of a medium-term pattern on January 24 and has since surged against the Pound Sterling.
Meanwhile, EUR/GBP is facing a support at the weekly pivot point near 0.8818. Also, it is important to point that technical indicators favour bearish movement.
When taking a look at the price movement, the pair’s has been trading in a large-scale triangle which was formed in August. The Euro bounced off the lower boundary of a medium-term pattern on January 24 and has since surged against the Pound Sterling.
Meanwhile, EUR/GBP is facing a support at the weekly pivot point near 0.8818. Also, it is important to point that technical indicators favour bearish movement.