EURGBP had an aggressive sell off and attempt to break descending channel failed. it found support at 0.8723. this level acted as a strong support before
now its creating a Head & Shoulder pattern on H1 time frame
the neckline matches 23% fibo retracement
50% and even 61% are possible targets if it broke neckline but according to strong downtrend 50% will be reasonable because it matches channel resistance area also taking profit and breakeven is necessary when it hits 38%
trading breakout will be good for this setup but i like to wait for a retest of neckline trendline, 23% level and 20EMA
now its creating a Head & Shoulder pattern on H1 time frame
the neckline matches 23% fibo retracement
50% and even 61% are possible targets if it broke neckline but according to strong downtrend 50% will be reasonable because it matches channel resistance area also taking profit and breakeven is necessary when it hits 38%
trading breakout will be good for this setup but i like to wait for a retest of neckline trendline, 23% level and 20EMA