Price coming down from massive resistance + downwards trendline at 0.7500. It broke the trend and form a inside H&S pattern. As of now. right shoulder is forming and if we see a rejection at fibo levels, a short position can be favoured with stop loss limit above the head with take profit below the previous low. That would be a R:R of 1:2
EURGBP has been in a correction phase for quite some time since the impulse in 6 April. The recent rejection in 0.236 fibo (D1) might indicate a reversal and the end of correction wave. It is recommended to monitor and see if it breaks the descending wedge for confirmation. What do you think? Let me know in the comments below!
Price has been in the downwards trend since beginning of March 2021, creating lower highs and lower lows. However, it has brought to my attention of the price reached support at 1.087 (76.4 fibo) and it has since rose to 1.093. If the support is significant, we could see the reversal and long positions could be considered.