Head and Shoulders on EUR/GBP

Head and Shoulders on EUR/GBP

The current technical pattern points to a possible correction of the EUR/GBP currency pair after a significant increase over the past two months. On the 30-minute chart, a classic Head and Shoulders reversal pattern has been formed. The price and the MACD histogram divergence (H4 timeframe) act as a confirmation signal. Local support is the level of 0.89600. We recommend paying attention to this situation.

If the price fixes below 0.89600, you should consider selling EUR/GBP. The immediate goal for profit taking is the level of 0.89400. The movement is tending to 0.89300-0.89200. When tracking positions, we recommend using a trailing stop.

by JMarkets 2019.07.04

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.

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