The euro currency may be preparing to drop against the British pound as a complex head and shoulders pattern appears to be forming across the lower time frame. The one-hour time frame shows that selling rallies back towards the 0.8540 to 0.8550 price area could provide a safe swing entry. The 0.8480 level is the neckline of the mentioned pattern and a likely intraday downside target.
The EURGBP pair is only bullish while trading above the 0.8520 level, key resistance is found at the 0.8540 and 0.8550 levels.
EURGBP pair is only bearish while trading below the 0.8520 level, key support is found at the 0.8480 and 0.8460 levels.
