FX.co ★ Technical Analysis of Intraday Price Movement of EUR/GBP Cross Currency Pairs, Tuesday October 03 2023.

On the 4-hour chart, the EUR/GBP cross currency pair shows that the movement is in ranging/sideways conditions, but there are several interesting facts, namely that apart from the formation of a Double Top pattern (maroon circle) and a Bearish 123 pattern which is followed by a Bearish Ross Hook (RH) followed by the CCI indicator which managed to break below its three main levels (100, 0, -100) and is stuck at around level 0, this gives an indication that in the near future EUR/GBP has the potential to weaken down to level 0.8629 as its first target if this level is successfully penetrated. downwards, EUR/GBP will have the opportunity to continue its decline to the level of the 0.8546-0.8509 area if momentum and volatility also support it, but all of these downward scenarios will automatically cancel if on its way to the target levels suddenly EUR/GBP turns upwards. broke above level 0.8684.

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