EUR/GBP: bears – bulls 5:0

EUR/GBP: bears – bulls 5:0

Recommendations:

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.

EG1.png 

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.

EG2.png

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