EUR/GBP Price Analysis: Head-and-shoulders on M30 keeps bears hopeful

EUR/GBP holds lower floor close to 0.8765, down 0.04% intraday, at some stage in the pre-European session buying and selling on Tuesday.

In doing so, the pair fades Friday’s jump off nine-month low while portraying a bearish chart pattern, head-and-shoulders, on the 30-minute (M30) formation.

Considering the quote’s screw ups to move 200-bar SMA, EUR/GBP bears are on the lookout for entries beneath the neckline, round 0.8760.

Following that, the prolonged draw back will eye the distinction between the neckline and the pinnacle of the head, round 30 pips, to deduct as the theoretical goal following bearish pattern’s confirmation.

During the pair’s sustained draw back under the multi-month low of 0.8730, the 0.8700 round-figure will be in the spotlight.

On the contrary, an upside clearance of 200-bar SMA, at 0.8783 now, will eye for the 0.8800 round-figure.

Though, a falling style line from January 26, presently round 0.8808, need to take a look at the EUR/GBP bulls afterward.


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