Notice the Descending triangle on hourly chart. IF the retest stays steady, another sell off should follow. This coincides with .618 retracement started on 06 Aug '20 - 18 Aug '20. Additionally this drop would confirm the head and shoulders forming 12 Aug 20 - 24 Aug 20
new to trading but an analyst at heart… I found this as an interesting way to look at this pair I’ve been following.
PART 1 SHORT:
EURGBP is looking bearish based on fibonacci retracements not being able to close above the .618 retracement and not being able to close above the trendline
If the prices continue to drop we can expect it to fall within one of the...
--> 2-3 wave in affect, if we stay below .93800
--> potential down moves areas below @ 1.618 extension, 2.618 extension, and 3.618 extension
Good luck!
--Fontana
