EURGBP At Resistance Level
After 3 days of pullback, EURGBP was seen with a small pin bar yesterday right at the resistance zone.
Prior to that, the resistance zone was tested a few times before it had a breakout during the Christmas period. The breakout failed and price fell below 0.8150 once again.
Overall, EURGBP is still in a downtrend on a weekly chart higher time-frame. If price can break the low of the pin bar yesterday, we may see further downside.
EURUSD is showing similar movement too. If price can break the prior day low, more downside could be seen as well. The two pairs are correlated.
fxblackboard.com/forex-analysis/eurgbp-at-resistance-level/
Prior to that, the resistance zone was tested a few times before it had a breakout during the Christmas period. The breakout failed and price fell below 0.8150 once again.
Overall, EURGBP is still in a downtrend on a weekly chart higher time-frame. If price can break the low of the pin bar yesterday, we may see further downside.
EURUSD is showing similar movement too. If price can break the prior day low, more downside could be seen as well. The two pairs are correlated.
fxblackboard.com/forex-analysis/eurgbp-at-resistance-level/
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