EURGBP: Descending triangle

EURGBP, H4

On the H4, EURGBP, in a long-term bearish trend, has formed a descending triangle pattern. The price has bounced off the upper trendline and MA50, which makes two scenarios possible:

• Falling below 0.8310 support and the nearest fractal will continue the decline to 0.8270;

• However, a breakout of the upper trendline above 0.8340 will start the rise to 0.8400;