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2025-07-29 20:15:37
[EUR/GBP: Bullish Alert! A technical reversal could trigger a new round of market cleansing, pushing the pair towards the 0.86 level.] ⑴ The EUR/GBP reversal on July 29th was largely due to a market cleansing. ⑵ Notably, EUR/GBP had previously been a popular instrument expressing bearish sentiment towards the British pound. ⑶ As previously warned, its upward momentum is showing signs of exhaustion. ⑷ The exchange rate has confirmed the formation of a bearish key daily reversal pattern, opening the door to a deeper correction. ⑸ Furthermore, EUR/GBP has also experienced a false breakout of the year-to-date high of 0.8738, often a sign of market exhaustion. ⑹ Although the 21-day moving average (0.8655) currently provides support, a break below it could lead to a test of the 0.86 level. ⑺ For now, EUR/GBP faces the risk of further position squeezes, and stubborn bulls should be wary of potential market cleansing.
