# EURGBP Descending Triangle (Feb 2, 2016) Source: https://www.tradersway.com/resources/market-info/eurgbp-descending-triangle-feb-2-2016/ Language: en Updated: 2016-02-02 Description: Explore EURGBP Descending Triangle (Feb 2, 2016). EURGBP is in a. Trade Forex and CFDs on MT4 and MT5 with tight spreads, flexible leverage and fast funding. EURGBP is in a consolidation pattern and is currently testing the bottom of a descending triangle formation visible on the 1-hour time frame. Price appears to be bouncing off support at the .7550 minor psychological mark and might be due for a test of resistance at the .7600 level. This resistance area lines up with the moving averages, which might hold as dynamic inflection points. The 100 SMA is below the 200 SMA, indicating that the path of least resistance is to the downside. Both RSI and stochastic are moving out of the oversold levels so buyers might take control of price action from here. Once these oscillators reach the overbought level, euro sellers could gain more energy to push the pair back down. Event risks for this setup include the BOE statement, along with the Inflation Report and MPC meeting minutes. BOE Governor Carney previously expressed his downbeat bias, citing that weak inflation trends could lead the central bank to tighten much later than initially anticipated. No actual policy changes are expected this week but any shift to a dovish bias by other policymakers could mean more losses for the pound. The currency enjoyed a rally yesterday when the UK manufacturing production report printed stronger than expected results. ![EURGBP Descending Triangle (Feb 2, 2016)] As for the euro, the prospect of further ECB easing is still weighing on the shared currency. However, it also appears to be gaining support in a risk-off market environment. *By Kate Curtis from Trader’s Way* ## Structured data JSON-LD as served in the HTML version of this page. ```json { "@context": "https://schema.org", "@graph": [ { "@type": "Article", "@id": "https://www.tradersway.com/resources/market-info/eurgbp-descending-triangle-feb-2-2016/#primary", "url": "https://www.tradersway.com/resources/market-info/eurgbp-descending-triangle-feb-2-2016/", "mainEntityOfPage": "https://www.tradersway.com/resources/market-info/eurgbp-descending-triangle-feb-2-2016/", "headline": "EURGBP Descending Triangle (Feb 2, 2016)", "inLanguage": "en", "datePublished": "2016-02-02T06:07:20+00:00", "dateModified": "2016-02-02T06:07:20+00:00", "articleSection": "Market Info", "description": "Explore EURGBP Descending Triangle (Feb 2, 2016). EURGBP is in a. Trade Forex and CFDs on MT4 and MT5 with tight spreads, flexible leverage and fast funding.", "image": { "@type": "ImageObject", "url": "https://www.tradersway.com/wp-content/themes/tradersway/images/og-default.png" }, "author": { "@type": "Organization", "@id": "https://www.tradersway.com/#organization" }, "publisher": { "@id": "https://www.tradersway.com/#organization" } }, { "@type": [ "Organization", "FinancialService" ], "@id": "https://www.tradersway.com/#organization", "name": "Trader's Way", "alternateName": "TradersWay", "legalName": "TW Corp LLC", "description": "Trader's Way is the trading brand of TW Corp LLC, a company registered in Anguilla under number A000001731. It provides online leveraged trading in forex, metals, energies, stock indices and cryptocurrencies through MetaTrader 4, MetaTrader 5 and cTrader, with Market execution, a 40% stop out level and a minimum initial deposit of 10 USD. The company holds no financial services licence and does not direct its services to residents of the United States or the United Kingdom.", "url": "https://www.tradersway.com", "foundingDate": "2011", "logo": { "@type": "ImageObject", "url": "https://www.tradersway.com/wp-content/themes/tradersway/images/logo-square-512.png" }, "address": { "@type": "PostalAddress", "streetAddress": "No. 9 Cassius Webster Building, Grace Complex", "postOfficeBoxNumber": "1330", "addressLocality": "The Valley", "postalCode": "AI-2640", "addressCountry": "AI" }, "contactPoint": { "@type": "ContactPoint", "contactType": "customer support", "email": "support@tradersway.com" }, "areaServed": "Worldwide, excluding the United States and the United Kingdom", "knowsAbout": [ "Foreign exchange trading", "Contracts for difference", "Leveraged trading", "Precious metals trading", "Energy commodities trading", "Stock index trading", "Cryptocurrency trading", "MetaTrader 4", "MetaTrader 5", "cTrader" ], "sameAs": [ "https://www.trustpilot.com/review/www.tradersway.com", "https://www.forexpeacearmy.com/forex-reviews/8129/tradersway-forex-brokers", "https://www.youtube.com/channel/UChRC072YJGlNNNYhg_0hZeA", "https://www.facebook.com/tradersway.forex.broker", "https://twitter.com/TradersWay", "https://www.instagram.com/traderswayforex/", "https://t.me/tw_eng" ], "identifier": { "@type": "PropertyValue", "propertyID": "Anguilla company registration number", "value": "A000001731" }, "location": { "@type": "Place", "address": { "@type": "PostalAddress", "streetAddress": "Radnicka 147", "addressLocality": "Valjevo", "postalCode": "14000", "addressCountry": "RS" } } }, { "@type": "WebSite", "@id": "https://www.tradersway.com/#website", "url": "https://www.tradersway.com", "name": "Trader's Way", "publisher": { "@id": "https://www.tradersway.com/#organization" } }, { "@type": "BreadcrumbList", "@id": "https://www.tradersway.com/resources/market-info/eurgbp-descending-triangle-feb-2-2016/#breadcrumb", "itemListElement": [ { "@type": "ListItem", "position": 1, "name": "Home", "item": "https://www.tradersway.com/" }, { "@type": "ListItem", "position": 2, "name": "Resources", "item": "https://www.tradersway.com/resources/" }, { "@type": "ListItem", "position": 3, "name": "Market Info", "item": "https://www.tradersway.com/resources/market-info/" }, { "@type": "ListItem", "position": 4, "name": "EURGBP Descending Triangle (Feb 2, 2016)", "item": "https://www.tradersway.com/resources/market-info/eurgbp-descending-triangle-feb-2-2016/" } ] } ] } ``` ```json { "@context": "https://schema.org", "@graph": [ { "@type": "Person", "@id": "https://www.tradersway.com/#wayne-mcdonell", "name": "Wayne McDonell", "jobTitle": "Chief FX Strategist", "description": "Chief FX Strategist at Trader's Way, trading forex publicly since 2004. His analysis has appeared in the Wall Street Journal, Bloomberg Television, Fox Business, Futures Magazine and FOREX Journal Magazine. Author of \"Strategic and Tactical Forex Trading\".", "worksFor": { "@id": "https://www.tradersway.com/#organization" }, "knowsAbout": [ "Foreign exchange market", "Technical analysis", "Fundamental analysis", "Forex trading strategy" ], "sameAs": [ "https://www.youtube.com/c/tradersway" ] }, { "@id": "https://www.tradersway.com/#organization", "employee": { "@id": "https://www.tradersway.com/#wayne-mcdonell" } } ] } ```