EURGBP has broken below key support area , which can signal further weakness in coming days...
Analysing swings using fib tools we can see that price is about to retest 0.618 retracement of 06may -12aug swing , where as looking at recent bullish continuation leg after retrace from 25jul - 12 aug , the pair has broken and closed below 0.382 .
Looking at FIB levels confluence of 2 swings , 0.50 level of 06may/12aug near 0.88930 offers more probability as its both 0.5 of previous and 100% retracement of next .
As currently price is also supported by ascending trendline , we may be waiting for price to break below trendline & retest of 0.5 levels of current swing @ 0.91066 before selling anymore ..
current sell target remains 0.88930 , idea invalidates in case price bounce back and closes above key resistance zone in daily chart..
Analysing swings using fib tools we can see that price is about to retest 0.618 retracement of 06may -12aug swing , where as looking at recent bullish continuation leg after retrace from 25jul - 12 aug , the pair has broken and closed below 0.382 .
Looking at FIB levels confluence of 2 swings , 0.50 level of 06may/12aug near 0.88930 offers more probability as its both 0.5 of previous and 100% retracement of next .
As currently price is also supported by ascending trendline , we may be waiting for price to break below trendline & retest of 0.5 levels of current swing @ 0.91066 before selling anymore ..
current sell target remains 0.88930 , idea invalidates in case price bounce back and closes above key resistance zone in daily chart..