EUR is getting weaker vs GBP counterpart and it is clearly visible on the charts. The pair broke through double symmetrical channel creating a clearly visible bearish pennant. If we add the height of the flag pole to the pennant breakout it directly corresponds to L5 target that is 0.7915.
POC1 is within 0.7995-0.8005 zone ( L3, previous breakout, pennant swing low) while POC2 is within 8030-8040 zone. If the price rejects from any of those 2 POCs it should target 0.7960 and H1 momentum or H4 close below 0.7960 will target 0.7915.
The analysis and the article presents Nenad's opinion. Remember, financial trading is highly speculative & may lead to the loss of your funds. Proper risk management is the Holy Grail of trading.
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