EURGBP – Potential False Break Setup | May 3

EURGBP – Hitting Key Resistance & Potential False Break Location (daily chart)
After hitting the yearly highs in early April at 8100, the EURGBP pair dropped almost 400 pips selling off for 11 out of 13 days. In this process, the pair formed a false break setup at 7924 which the pair has now returned to.

If this level holds, then the false break setup will have offered a 2nd attempt to short the pair. Only a daily close above 8000 would negate this structure and thus put 8100 key resistance level back into focus. Downside if the selling resumes, we have the low 77 handle, then the big figure at 7500.

eurgbp false break setup

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