EURGBP Triangle Pattern: Bears Breakout
Hi Traders!
Since the month of November started the bears have been in control on higher timeframes. We've seen EURGBP form lower lows and lower highs on most timeframes but recently the market made a strong push up (from point A - 0.88616 to point B - 0.90044) forming a lower high and continuing in the overall market direction. In the last two days the market formed a higher low (point C - 0.89147) and a lower high ( point D - 0.89637) again confirming the triangle pattern on the chart. As we head into this week the market has broken out and retested showing that it is still moving bearish in continuation with the trend.
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Disclaimer: Analysis is subject to market changes.
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