EURGBP Bullish Megaphone approaching its bottom. Long-term buy.

The EURGBP pair has been trading within a Bullish Megaphone pattern since the March 07 Low, made around the strong aggression in the Ukraine - Russia war. Within this pattern, the 1D MA50 (blue trend-line) has been acting as a pivot in its middle since the beginning, while the 1D MA200 (orange trend-line) has been more of a Support near the bottom (Higher Lows trend-line) of the Megaphone.

The pair completed three straight 1D closings below the 1D MA50 on Friday and is headed towards the 1D MA200 to form a bottom, within a familiar Channel Down (blue pattern) that formed the last two Higher Lows.

With the 1D RSI entering the Support Zone of this Megaphone, the pair is gradually turning into a strong long-term buy again. Since the previous Higher Highs were made after breaking the 1.5 and 2.5 Fibonacci extension levels respectively, we can assume that the next one will be on the same progression, i.e. the Fib 3.5, which is currently at 0.92835.




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