EURGBP → Weak market. Prolonged support retest

5 sept 2023

EURGBP is under resistance pressure.There is clearly either a weak buyer or a rather strong seller in the market. Regarding the limit support area, the price continues to push.

I noted the important level of 0.8541 and 0.8521. And also an important pattern - descending triangle. The support area of the pattern coincides with the area of the limit support. The price has been testing this zone for several months and there is no particularly strong pullback. The price returns to this line every time. Most likely, the weak market continues to hint to us that the global low on the chart may be updated again in the medium term. In priority, I expect a retest of the figure resistance with a further fall to the support area and testing this zone for a breakout and decline to 0.8450.

Support levels: 0.8541, 0.8521
Resistance levels: 0.8609
I expect a retest of resistance in the near future with a subsequent fall to the support area. The chance of breaking through this support is quite high at the moment

Regards R. Linda!

7 sept 2023

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