EUR/GBP is moving to a new low for the year to finally confirm its long-looked for bearish “triangle” continuation pattern. Therefore, the door is open to a test of the 2019 and 2020 lows, analysts at Credit Suisse report.
EUR/GBP looks to have completed its long looked for bear “triangle” pattern
“EUR/GBP is moving below to new lows for the year below 0.8471 and we look for a sustained break to finally confirm the long looked for bearish ‘triangle’ continuation pattern.
“A sustained move below 0.8471 should clear the way for a test of the pivotal lows at 2019 and 2020 at 0.8239 and 0.8281 respectively. Whilst we would look for a fresh hold here, a break would see an even larger and more important multi-year top complete.”
“Resistance at 0.8558/76 now ideally caps.”
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