The large opening cone speaks to long term volatility in EURGBP

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Long term opening cone shapes as depicted on the chart (blue lines) speaks of long term volatility as a result of fundamental market shifts in sentiment and uncertainty. BREXIT had a large part to play in this but more recently it may be COVID 19. Nonetheless, use the cone as a measure for retracement over the long term. Look for price action to retrace to half the cone initially, around the 0.88 levels.