Greetings, colleagues. Sunday. The perfect time to dissect the weekly EUR/GBP chart through market profile. We’ve got a massive dump here. Sellers are firmly in control. The last candle closed at the low — level 0.85192. The bulls have completely capitulated. The main high-volume shelf is far above. The profile shows the highest concentration of players’ positions in the 0.86580–0.87120 zone. This is the core of a long accumulation. The bears broke down out of it with brutal force. Price has punched through a cascade of supports. The sloping trendlines now act as distant resistance for any pullbacks to the upside. The current price is falling into a vacuum. The nearest serious barrier for sellers is much lower. My downside target is the strong support level at 0.84975. I expect it to be tested right at the market open. If the bears break through this level without braking, the decline will continue. The next major reference point is the shelf at 0.84435. I will work strictly short. My plan is to catch sell setups on lower timeframes after local pullbacks. I’ll hide my stop behind last week’s highs. Buying euro against pound now is like catching falling knives. The basement of the chart is empty as well. Waiting for Monday’s market open. Profitable trading to everyone.
