EURGBP clear break below bearish pennant

Discussion in 'Technical Analysis' started by FXStreet_Team, Apr 12, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    EUR is getting weaker vs GBP counterpart and it is clearly visible on the charts. The pair broke through double symmetrical channel creating a clearly visible bearish pennant. If we add the height of the flag pole to the pennant breakout it directly corresponds to L5 target that is 0.7915. POC1 is within 0.7995-0.8005 zone ( L3, previous breakout, pennant swing low) while POC2 is within 8030-8040 zone. If the price rejects from any of those 2 POCs it should target 0.7960 and H1 momentum or H4

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