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After some turbulence during the Brexit negotiations, the GBP is gaining back its strength. Last Week, the Pound was influenced by various rumors and information from the negative but we can see some of them were positive, some of the negative but we can see that traders finally decided that sentiment should remain positive.
That begin said, let us analyses the EURGBP, which since the end of August is declining sharply but during the first half of the October, was undergoing a bullish correction, Yes, in our opinion this is just a correction so in the next few days the price should go lower. Our view is supported by the wedge formation (trend continuation pattern, orange lines) and the fact that the wedge and two remaining Fibonacci lines ( 38,2% and 23,6%). Seller also managed to break the horizontal support on the 0.89 (light blue), which was with us since 18th of July. All that together is genitive and the odds for downswing are much higher.
That begin said, let us analyses the EURGBP, which since the end of August is declining sharply but during the first half of the October, was undergoing a bullish correction, Yes, in our opinion this is just a correction so in the next few days the price should go lower. Our view is supported by the wedge formation (trend continuation pattern, orange lines) and the fact that the wedge and two remaining Fibonacci lines ( 38,2% and 23,6%). Seller also managed to break the horizontal support on the 0.89 (light blue), which was with us since 18th of July. All that together is genitive and the odds for downswing are much higher.
