Let's analyze the currency pair EUR/GBP using technical analysis. The main focus will be on the levels of weekly pivot support and resistance, the basement indicator, and the indicator that forms 1-2-3 patterns. Let's concentrate on the chart.
Today, during the Asian trading session, the Vertex indicator signaled that the currency pair is overbought, leading to a sharp decline in quotes. There has been no confirmation of the indicator signal yet. The 200 and 50 period moving averages show a young downtrend that is in line with signals from other indicators. Sellers have managed to form a 1-2-3 pattern, indicating their intention to push quotes downwards. Additionally, sellers were able to confirm the 1-2-3 pattern by breaking through the 0.87157 level, demonstrating their strength. In this situation, I will wait for a price pullback to the weekly pivot resistance level at 0.87110 and then open a sell position.
