EURGBP Bearish outlook - Possible H&S Pattern
Past week EURGBP had a massive drop and is continuing to have a bearish outlook. Especially since the brexit is becoming more and more unlikely.
Taking in this information, we can see that there could be a possible H&S pattern completed before another big drop. Stoch RSI currently indicates that EG is oversold at the moment and could see a retracement to ~0.5 level, where it would see the H&S pattern completed.
We'll first have to see if it retraces at it's current level (0.7782) or drops a bit lower first towards the 0.7700 mark.
Taking in this information, we can see that there could be a possible H&S pattern completed before another big drop. Stoch RSI currently indicates that EG is oversold at the moment and could see a retracement to ~0.5 level, where it would see the H&S pattern completed.
We'll first have to see if it retraces at it's current level (0.7782) or drops a bit lower first towards the 0.7700 mark.
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