EUR/GBP Price Action Technical Analysis Today: Will the Double Top Trigger a Bearish Move?

EUR/GBP price action is showing signs of a potential bearish continuation after breaking below its recent consolidation range. The weekly chart continues to favor sellers, while the daily timeframe has shifted from bullish to bearish and formed a potential double top pattern.

Rather than predicting the next move, traders should wait for confirmation through market structure, support and resistance, candlestick rejection, and break-and-retest price action before considering a trade

Key Takeaways:

1. The weekly and daily charts for EUR/GBP both indicate a strong bearish market structure.
2. Price has broken below a key consolidation range, forming a potential double top pattern.
3. A break-and-retest of the 0.85460–0.85550 resistance zone offers a high-probability selling setup.
4. Trading below the 50 EMA on both timeframes confirms seller dominance.

What Is the Current Technical Price Action on GBP/AUD Telling Us?

Weekly Chart Analysis

Weekly Timeframe Price Action Analysis. Price Rejects Previous Weekly Resistance Level

The weekly timeframe remains bearish.

Price recently rejected the major weekly resistance area and created another lower high (LH). This means buyers were unable to push price above the previous high, allowing sellers to regain control.

Weekly Chart Price Action Analysis

The 50 EMA is also supporting the bearish trend as price shows it is trading below it.

Weekly chart observations:

1. Bearish market structure.
2. Lower highs.
3. Rejection from weekly resistance level.
4. Bearish candlestick confirmation.
5. Price trading below the 50 EMA.

Daily chart

Daily Timeframe Price Action Analysis. Price is Breakout Below Consolidation Zone

The daily chart is now showing a stronger bearish signal.

Price has broken below the consolidation range, meaning sellers have pushed price below an area where the market had previously been moving sideways.

Daily Chart Price Action Analysis

A potential double top pattern is also adding bearish pressure and the 50 EMA provides additional trend confirmation.

Daily chart observations:

1. Daily structure has shifted bearish.
2. Price broke below consolidation.
3. A potential double top has formed.
4. The 50 EMA supports the bearish bias.
5. A retest of resistance could create a selling opportunity.

What is the best setup on EUR/GBP’s current Breakout Price action?

With the daily chart breaking below consolidation and the weekly timeframe remaining bearish, the bearish break-and-retest setup currently offers the stronger technical scenario.

However, traders should avoid entering simply because price has broken support.

The preferred approach is to wait for price to retest the resistance area and produce a clear bearish rejection before considering a continuation trade.

This helps reduce the risk of entering during a false breakout.

Bullish Scenario (Lower-Probability Setup)

Daily Timeframe Price Action Analysis. Bullish Bias Anticipation

A bullish continuation could develop if buyers regain control and successfully break above the major weekly resistance zone.

Bullish momentum could occur in EUR/GBP if:

1. Price breaks and holds above 0.85705–0.85932.
2. The breakout is supported by strong bullish price action.
3. Price successfully retests the broken resistance zone as new support.
4. A bullish rejection candlesticks confirms buyer strength.

Trade Idea:

Daily Timeframe Price Action Analysis. Bullish Take Profit and Stop-loss Placement

1. Target: 0.86200
2. Stop-loss: Below the newly established support zone following confirmation.
3. Follow up confirmation: Proper retest of the daily resistance level + 50 EMA follow up rejections.
4. Risk management: Use proper position sizing.

Note: The bullish scenario is considered lower probability because it would move against the prevailing weekly bearish structure.

Bearish Scenario (Higher-Probability Setup)

Daily Timeframe Price Action Analysis. Bearish Bias Anticipation

The bearish scenario remains the preferred setup because it aligns with the broader weekly trend and the recent daily bearish breakout.

Bearish momentum could occur in EUR/GBP if:

1. Price retests the 0.85460–0.85550 daily resistance zone.
2. Sellers produce a clear bearish rejection.
3. Price remains below the broken consolidation range.
4. The bearish market structure continues to hold.

Trade Idea:

Daily Timeframe Price Action Analysis. Bearish Take Profit and Stop-loss Placement

1. Target: 0.85202
2. Stop-loss: Above the potential resistance level
3. Follow up confirmation: Proper retest of the daily resistance level + 50 EMA follow up rejections.
4. Risk management: Use proper position sizing.

Note: The bearish setup is considered higher probability because it aligns with the broader bearish market structure, the daily breakout, the potential double top, and the 50 EMA trend confirmation.

EUR/GBP Overall Simplified Technical Outlook:

Want the full analysis? Watch the previous live trading session for the complete EUR/GBP trade setup and high-probability price action opportunities across all major markets.

Jump to 33:00 – 37:15 for a detailed EUR/GBP price action breakdown, including market structure, key resistance, trade confirmation, and the analysis behind the setup.

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Want to Improve Your Price Action Trading?

Learn how to identify high-probability trading opportunities with these guides:

1. A Guide to Master a Price Action Strategy That Works in Any Market: Complete Guide on How to Trade with Market Structure + Support & Resistance (Step-by-Step)
2. A Guide to Master a Strategy that Works in Any Market: How to Identify Support and Resistance Levels?
3. The Top Japanese Candlestick Patterns to Trade: Mastering Japanese Candlestick Confirmation + Pairing with Price Action Analysis
4. The Top Japanese Candlestick Patterns to Trade: How to Use the Engulfing Candlestick as a High-Probability Entry Signal
5. Master Exponential Moving Average: How to Trade using EMA Indicator with Price Action Analysis?
6. Reversal Chart Patterns: The Complete Guide to Spotting Bullish and Bearish Trend Reversal Pattern in Trading
7. How to Step-by-Step Swing Trade with Pure Technical Price Action Analysis?

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How to Master EUR/GBP's Price Action Trading?

This EUR/GBP forecast demonstrates how combining multiple technical factors can improve decision-making.

A disciplined approach includes:

1. Clear market structure
2. Well-defined support and resistance
3. Breakout and retest confirmation
4. Candlestick rejection
5. 50 EMA trend confirmation

The more confluences that align, the higher the probability of a successful trade that you will execute.

Final Take

EUR/GBP remains bearish from a higher-timeframe perspective. The weekly chart shows bearish market structure, while the daily chart has broken below consolidation and developed a potential double top.

The 0.85460–0.85550 zone is now the key area to watch.

If price retests this zone and produces a strong bearish rejection, the market could continue toward 0.85202.

However, if buyers break and hold above 0.85705–0.85932, the bearish setup becomes weaker and a bullish continuation toward 0.86200 could become possible.

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FAQs

Is EUR/GBP bullish or bearish?

EUR/GBP remains bearish, with bearish weekly structure and a daily breakout below consolidation.

What is the key EUR/GBP resistance?

The key resistance zone is 0.85460–0.85550. A bearish rejection here could support further downside.

What is the EUR/GBP bearish target?

The current bearish target is 0.85202, provided price confirms the break-and-retest setup.

What would invalidate the bearish EUR/GBP setup?

A sustained break above 0.85705–0.85932 could weaken the bearish outlook and open the way toward 0.86200.

Is EUR/GBP forming a double top?

Yes. The daily chart shows a potential double top, adding to the bearish technical outlook.

What is the best EUR/GBP trading setup?

The preferred setup is a retest of 0.85460–0.85550 followed by bearish rejection. Traders should wait for confirmation before entering.

What does the 50 EMA indicate?

EUR/GBP is trading below the 50 EMA on the weekly and daily charts, supporting the current bearish trend.

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If you want to develop a professional trading mindset while learning how to identify high-probability price action setups across Gold, Forex, Crypto, Commodities and Indices, continue following our market analysis and educational guides.

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Disclaimer:

Trading forex and derivative instruments involves substantial risk and may not be suitable for all individuals. Only use funds that you are prepared to lose. It is important to understand how these markets work and the risks involved before trading, and to seek independent financial advice if needed. All market analysis and insights shared are intended for educational and informational purposes only and should not be considered financial or investment advice. August 11, 2026.