EURGBP is trading in the range of Pennant pattern in a weekly chart and descending channel in 4-Hour chart, the price move exactly according to the expectations as per our previous forecast.
We will look and discuss for further movement expectations in our today analysis. Please go through the weekly and 4-Hour Technical analysis written below.
Weekly Time Frame EURGBP Technical Analysis
The pennant pattern is getting closer and price is getting narrow in a range. We will have to look at what side this pattern will break.
Break of resistance could take this pair towards minimum 0.92300 and if price break downside then it may touch the dip 0.80600 zone.
Please have a look at weekly EURGBP technical chart below, i have mentioned this possible movement in a diagram.
Weekly EURGBP Technical Chart
We will look for 4-Hour time frame analysis to get the closest picture and earliest signal for possible next movement.
4-Hour EURGBP Technical Analysis forecast
The price moves as per the expectations in 4-hour chart and respecting the support and resistance of descending channel which was discussed in our last analysis. We are still expecting the price may move in the same range for a couple of days. Break of this descending channel will give us the earliest signal and may give hint to get the longer term weekly target.
Please have a look at 4-Hour time frame chart, I have drawn a possible next movement diagram.
4-Hour EURGBP Time Frame Chart
EUR GBP SUPPORT & RESISTANCE LEVELS
Support 1: 0.86850
Resistance 1 :0.87700
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