EUR/GBP Faces A Breakout Very Soon
Martin Janson | Feb 03, 2016 06:36AM ET
EUR/GBP H4
The rate is currently testing the head and shoulders/symmetrical triangle floor.
A downside break below 0.7540 would open up a way towards the 61.8% and 100% breakout targets at 0.7400 and 0.7315 and would indicate the rate may be ready to resume its broader downtrend.
A break above 0.7605 would trigger a symmetrical triangle scenario and should lead to a deeper retracement higher in the overall downtrend. The immediate targets should be the 61.8% and 100% breakout targets at 0.7735 and 0.7825.
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