NZD/JPY has performed well this month forming higher lows and highs. It was supported by the 50-day MA in July and took off from that level.
EUR/GBP: bears – bulls 5:0
SELL 0.8785 SL 0.884 TP1 0.8695 TP2 0.8525 TP3 0.845
SELL 0.881 SL 0.8865 TP1 0.8695 TP2 0.8525 TP3 0.845
On the daily chart of EUR/GBP, there is a continuation of a medium-term consolidation in the range of 0.8695-0.9015 within the “Spike and ledge” pattern. The first break of its bottom line was unsuccessful, however, bears still hope and are ready to repeat the break after a small pullback.
On H1, there is a transformation of the AB=CD pattern to 5-0. Usually, pullbacks in the direction to 38.2%, 50%, and 61.8% are used for a formation of short positions.
There's no any reversal pattern so far, so the market is likely going to test the nearest resistance area in the short term...
GBP/JPY reversed from resistance zone Next sell target - 149…
If we see a pullback from the lower 'Window', the pair is likely going to test the nearest Moving Averages...