The currency pair EURGBP - weekly chart. On this large timeframe, it is clearly visible how in the past in 2025 such a large reversal pattern formed - an ascending wedge, plus a bearish divergence on the MACD indicator. Since the timeframe is higher, the signals are accordingly very strong. When the price was at the peak of 2025, I anticipated the beginning of a downtrend. And indeed, they gradually started pushing it down. As can be seen, for many weeks the price gradually declined, ultimately reaching the main target. Around the support level of 0.8627, there was an increased probability of a rebound upwards. Not only because of the level, but also because at that time on the lower daily chart there was a bullish divergence on the MACD indicator. It worked out, as seen by the rebound upwards. The rebound was significant, covering more than half of the downward wave. Then a new decline started, which was again stopped by the strong support level of 0.8627. They gave a rise and it seems like there is a new attempt at a decline. Here you can see a potential reversal pattern - head and shoulders, it's a bit crooked, but it doesn't necessarily have to be perfectly straight. And this year it seems that another reversal pattern is emerging - a descending triangle with the base level of the triangle precisely at 0.8627. I assume that there is a high probability of another test of this level and an attempt to break through it. If this happens, it will confirm the head and shoulders pattern, as well as the descending triangle. The potential target for a decline in this case is the 161.8 level according to the Fibonacci target grid applied to the first wave. Looking back in history, to the beginning of 2025, there was a similar picture, but for buying. This area is highlighted in color. There was also an upward movement in January, then a deep downward move for the second retracement, and further for the third wave. There was a similar retracement before the upward movement as if for the third in the third, just like the current situation but in reverse. This setup is favorable for the decline of the EURUSD major pair, which is gradually happening there overall. There are no reasons not to break below this year's minimum.
