EURGBP - Trend Reversal Round the Corner

Since May 14, 2024, the EUR/GBP pair has been in a downtrend, but recent technical indicators suggest a potential reversal. The price has formed a bullish divergence at a key support level on the daily trendline, accompanied by a double bottom pattern and the completion of an ABCD harmonic pattern with divergence at point D. This confluence of bullish signals—bullish divergence, double bottom, and ABCD pattern completion—indicates a high probability of a trend reversal. If the price breaks above the critical resistance level of 0.85498, it would confirm the bullish reversal and signal that bulls are gaining control of the market. Traders should monitor this level closely for confirmation.

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