EUR/GBP - increased prospects of head and shoulder formation
I had spotted a possible head and shoulder formation on EUR/GBP daily chart yesterday.
The prospects of have just increased, given the bearish break from a triangle formation seen on the hourly chart. A daily close today below 0.7867 would add more crendece to the view that the cross is forming a head and shoulder formation and prices areon track to test neckline level at 0.7751.
Bearish invalidation is seen only if we see a day end closing above 0.7947 (May 4 high).
The prospects of have just increased, given the bearish break from a triangle formation seen on the hourly chart. A daily close today below 0.7867 would add more crendece to the view that the cross is forming a head and shoulder formation and prices areon track to test neckline level at 0.7751.
Bearish invalidation is seen only if we see a day end closing above 0.7947 (May 4 high).
