- EUR/GBP bears seeking a break of near term support.
- A daily extension on the downside is on the cards of cable remains bid.
EUR/GBP is on the verge of a downside extension that would be helped along by a bid in cable as per the prior analysis follows:
GBP/USD Price Analysis: Bulls looking for breakout to the topside.
‘Nevertheless, the 4-hour chart is forming a bullish reverse head and shoulders formation and on completion, the bullish price action could well burst into life.‘
‘The right-hand shoulder of the bullish reverse head and shoulders is in the process of being formed.
Bulls will want to see the price break the prior highs within this formation and hope for a discount on a retest of the structure before committing to the bullish thesis.’
-637568962516467565.png)
-637568962809804390.png)
The bears are chipping away at the near term support which is guarding a break to the downside.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.
