EURGBP STRUCTURE SHORT| SCENARIO DECONSTRUCTED

The pair is again retesting an important level on the daily.

The level is strong and we have seen a rejection of the previous attempt of the breakout. It is therefore reasonable to expect a bounce back from this level again. There is an interesting sub-level, which lies within the red resistance area, and we are seeing an attempt of breaking below it on 1H timeframe.

If the breakout is confirmed, read, the 1h candle closes below the level, then>>short.
The targets are chosen according to the way the levels are allocated within the space of the future price movement.

Also, the head and shoulders pattern might be formed, if the bearish scenario wins.

Alternative Bullish scenario explained: Should the price break out above the red resistance level with a confirmation(read, closes above the level on the daily timeframe),
then the move upwards is likely. With the next meaningful resistance level being 0.931.

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Comment:

Target 1 reached!

Comment:

Target 2 reached!