EURGBP ReAdY to TUMBLE DOWN to 0.8455 MAJOR zone!!

https://www.tradingview.com/x/VdsCVynS/https://www.tradingview.com/x/LsjXjCJo/https://www.tradingview.com/x/JCExfzUC/https://www.tradingview.com/x/hD5jOIyQ/


EG Thesis

- Monthly: On the monthly EG market structure changed to bearish after break below 0.8586 weekly taking out previous lows. Last month close as a hammer candle after rejection off 0.8455 support signalling bulls could push EG higher in the long term.

- Weekly: Last week candle closed as a shooting star after rejecting off 0.8586 weekly resistance and closed below 0.8540 4hr level. This is indicating that there is a lot of sell pressure ready to push price a bit lower.

- Daily: Double top formed at 0.8586 resistance so for now EG price is destined for 0.8455 support. EG is currently stuck in an area of consolidation between 0.8586-0.8455.

- 1/4hr: After break below 0.8540 I do expect price to pullback up to level for a retest, If it holds then we could see a bearish rally to intended target forming a new low.