Potential head and shoulders formation. A fairly premature prediction admittedly, however the first peak and head are formed which makes it very likely we could be seeing a head and shoulders pattern being created. GBPEUR has hit support twice in this timeframe and it looks like it could be heading back down to support and if it doesn't break support by rising again a head and shoulders pattern is very likely and it would be a good opportunity to buy on support. GBPEUR has broke resistance to emphasise a more prominent head but nothing significant as it looks like it could be heading back down.
Not the perfect depiction of a head and shoulders formation however the original comment of it potentially descending after hitting support levels twice are coming to fruition. This one will be interesting to keep an eye out over the coming weeks.