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ðąEURGBP - symmetrical triangle. What's next?
EURGBP is forming consolidation. Two scenarios can develop in relation to the symmetrical triangle: breakout of resistance or support
TA on the high timeframe:
1) A bearish trend is formed. The price forms a pre-breakout consolidation around 0.85200
2) False breakout of liquidity area, price may reach 0.85300 area in the nearest future.
TA on the low timeframe:
1) Symmetrical triangle, price bounces off resistance and may soon test support at 0.85300 area
2) A rebound from support is also likely.
3) It is actually difficult to trade inside triangles. It is best to wait for a breakout of one of the boundaries and open a trade in the direction of the breakout
Key supportð: 0.85300
Key resistanceð: 0.86000
TA on the high timeframe:
1) A bearish trend is formed. The price forms a pre-breakout consolidation around 0.85200
2) False breakout of liquidity area, price may reach 0.85300 area in the nearest future.
TA on the low timeframe:
1) Symmetrical triangle, price bounces off resistance and may soon test support at 0.85300 area
2) A rebound from support is also likely.
3) It is actually difficult to trade inside triangles. It is best to wait for a breakout of one of the boundaries and open a trade in the direction of the breakout
Key supportð: 0.85300
Key resistanceð: 0.86000
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