EURGBP, Ascending-Wedge, Bearish Breakout Imminent!

Hello,

Welcome to this analysis about EURGBP and the 4-hour timeframe perspectives. EURGBP in recent times is forming some interesting developments especially with the main formation I discovered here this can lead to increased volatility in the upcoming times. Therefore, when looking at my chart we can watch there how EURGBP has formed this massive ascending-wedge-formation, such a formation is normally known to show up with a bearish reversal to the downside. Because EURGBP already completed the ABC-wave-count within the formation a completion of the whole formation bearishly to the downside gets more likely or also EURGBP will firstly continue in the ascending-wedge with the wave-count and the development of a wave D as well as a wave E in the structure which will not be bad because this will just increase the potential for an increased bearish breakout to the downside that accelerates further. In all these cases the crucial confirmation will happen when EURGBP finally breaks out below the lower boundary of this whole formation, this will complete the formation and will be the origin for the bearish continuations. In this case, EURGBP will also activate the target-zone marked in blue within the 0.8444 level, when this zone has been reached the situation needs to be elevated anew and EURGBP has to show how it continues there, if the bearishness is heavily increased this can also just lead to a bearish continuation-setup once the zone has been reached.

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Comment:

ANALYSIS UPDATE: EURGBP completed the whole bearish ascending wedge with a huge breakout dynamic to reach all of the projected target-zones.