28.11.2023 10:30 PM
EUR/GBP: false breakout, deeper drop favored

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EUR/GBP Under Strong Downside Pressure!

The EUR/GBP pair dropped again after reaching today's high of 0.8678 and now is located at 0.8655 at the time of writing. You knew from my yesterday's analysis that the price could drop deeper as long as it stays below the downtrend line.

As you can see on the H1 chart, the rate jumped above the downtrend line but it has failed to stay above it, so this was only a false breakout. The rate crashed and now it stands right above the 0.8652 historical level which represents a downside obstacle.

EUR/GBP Trading Conclusion!

Dropping and stabilizing below 0.8652 activates a deeper drop.

Ralph Shedler,
Analytical expert of InstaTrade
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