EURGBP Is Coming Lower Out Of A Triangle Into A Support Area

By Gregor Horvat

Tuesday, July 30, 2024 5:15 AM EDT

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We talked about EURGBP pair back on May 24th, where we mentioned and highlighted a completed bearish triangle pattern in wave (B), which can send the price lower within wave (C).

EURGBP Daily Chart From May 24th 2024

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As you can see today after two months on July 30th, the pair is coming to the lower side of that big range, with room for 0.8350 area after recent sell-off from the upper line of a daily triangle. So, wave (C) of C is clearly in progress but already seen in 5th subwave down, so possibly the pair can be in late stages of current drop, maybe even within the wedge pattern, thus be aware of price stabilization and potential reversal up, especially if BoE is going to cut interest rates.

EURGBP Daily Chart From July 30th 2024

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