FX.co ★ Patterns EURGBP | Euro (EUR) to British Pound (GBP) Rate in the Forex market

According to M30, EURGBP is shaping the technical pattern – the Inverse Head and Shoulder. In case the Neckline 0.8339/0.8338 is broken out, the instrument is likely to move toward 0.8368.

According to the chart of M30, EURGBP produced the pattern termed the Inverse Head and Shoulder. The Head is fixed at 0.8312 while the median line of the Neck is set at 0.8339/0.8338. The formation of the Inverse Head and Shoulder Pattern clearly indicates a reversal of the downward trend. In means that in case the scenario comes true, the price of EURGBP will go towards 0.8368.

The Double Bottom pattern has been formed on EURGBP M15; the upper boundary is 0.8335; the lower boundary is 0.8327. The width of the pattern is 9 points. In case of a break of the upper boundary 0.8335, a change in the trend can be predicted where the width of the pattern will coincide with the distance to a possible take profit level.

According to the chart of M5, EURGBP formed the Bearish Rectangle. The pattern indicates a trend continuation. The upper border is 0.8356, the lower border is 0.8346. The signal means that a short position should be opened after fixing a price below the lower border 0.8346 of the Bearish Rectangle.

The Double Bottom pattern has been formed on EURGBP M5; the upper boundary is 0.8356; the lower boundary is 0.8346. The width of the pattern is 10 points. In case of a break of the upper boundary 0.8356, a change in the trend can be predicted where the width of the pattern will coincide with the distance to a possible take profit level.

According to the chart of M15, EURGBP formed the Bullish Symmetrical Triangle pattern. The lower border of the pattern touches the coordinates 0.8344/0.8356 whereas the upper border goes across 0.8372/0.8356. If the Bullish Symmetrical Triangle pattern is in progress, this evidently signals a further upward trend. In other words, in case the scenario comes true, the price of EURGBP will breach the upper border to head for 0.8378.

According to the chart of M5, EURGBP formed the Bearish Symmetrical Triangle pattern. Description: The lower border is 0.8345/0.8357 and upper border is 0.8374/0.8357. The pattern width is measured on the chart at -29 pips. The formation of the Bearish Symmetrical Triangle pattern evidently signals a continuation of the downward trend. In other words, if the scenario comes true and EURGBP breaches the lower border, the price could continue its move toward 0.8342.

According to the chart of M15, EURGBP formed the Bearish Rectangle. This type of a pattern indicates a trend continuation. It consists of two levels: resistance 0.8321 - 0.0000 and support 0.8304 – 0.8304. In case the resistance level 0.8304 - 0.8304 is broken, the instrument is likely to follow the bearish trend.

According to the chart of M30, EURGBP formed the Bullish Rectangle which is a pattern of a trend continuation. The pattern is contained within the following borders: the lower border 0.8326 – 0.8326 and upper border 0.8335 – 0.8335. In case the upper border is broken, the instrument is likely to follow the upward trend.

On the chart of EURGBP M5 the Double Top reversal pattern has been formed. Characteristics: the upper boundary 0.8332; the lower boundary 0.8329; the width of the pattern 3 points. The signal: a break of the lower boundary will cause continuation of the downward trend targeting the 0.8314 level.