EUR/GBP: bulls are pursuing a crab
Read the article on FBS website
Recommendation:
SELL 0.8715
SL 0.8770
TP1 0.8615 TP2 0.8590
On the daily chart, EUR/GBP keeps forming a 5-0 pattern. After a pullback to 38.2% of the wave CD of the “Shark” pattern, the initiative returned to bears. At the moment, the inside bars are formed. They point at uncertainty.
On H1, EUR/GBP is consolidating in the 0.8715-0.8755 range. A break of its lower border will create grounds for a “Crab” pattern with a target of 161.8%. On the other hand, successful test of resistance at 0.8755 will increase the risks of a correction.
