Most technical analysis threads I read say something along the lines of:
EUR/GBP's fall from 0.9494 is still in progress and at this point, intraday bias remains on the downside as long as 0.9114 minor resistance holds. Further decline should now be seen towards 0.8635 low next. On the upside above 0.9114 will turn intraday outlook neutral first, but risk will remain on the downside as long as EUR/GBP stays below 0.9416 resistance.
Firstly, where are they getting these exact numbers from, some kind of fib analysis?
Secondly, what I see in the EURGBP is a massive support line with a thinning asymmetrical triangle indicating a possible bounce off the support line. What am I missing?
You will see the trend line is different in the experts' analysis:
EUR/GBP's fall from 0.9494 is still in progress and at this point, intraday bias remains on the downside as long as 0.9114 minor resistance holds. Further decline should now be seen towards 0.8635 low next. On the upside above 0.9114 will turn intraday outlook neutral first, but risk will remain on the downside as long as EUR/GBP stays below 0.9416 resistance.
Firstly, where are they getting these exact numbers from, some kind of fib analysis?
Secondly, what I see in the EURGBP is a massive support line with a thinning asymmetrical triangle indicating a possible bounce off the support line. What am I missing?
You will see the trend line is different in the experts' analysis:
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