EUR/GBP Bearish Triangle Confirmed, Wave Three Decline Underway

Technical analysts tracking EUR/GBP have confirmed the breakdown of a bearish triangle formation. The pair was earlier flagged on May 11 when it was thought to have completed a complex WXY structure within wave D of a larger A-B-C-D-E triangle.

At that time, the analysis warned that the pair could be entering the final wave E. The current price action validates that view, with the decline now identified as wave three of that final leg. The breakdown signals further downside pressure in the near term.