From the weekly chart of the EUR/GBP cross, it can be seen that:
1. The Ascending Broadening Wedge Pattern.
2. Bearish Pitchfork.
3. Bearish 123 pattern followed by Bearish Ross Hook (RH).
Gives an indication that currently EUR/GBP is under significant bearish pressure.
However, with the condition of the Stochastic Oscillator indicator which is oversold and stuck in the Lower Line of the Pitchfork Channel, there is a potential for correction to the middle line of the Bearish Pitchfork as the main target and the level 0.8672 as the second target, provided that during the upward correction the rally does not it happened that EUR/GBP fell again to break below the nearest Bearish Ross Hook (RH) level at 0.8566 because if this level is successfully broken down then all the scenarios described previously will become invalid and cancel automatically.
(Disclaimer)
