EUR/GBP: bears are attacking

EUR/GBP: bears are attacking

Recommendations:

SELL 0.8805

SL 0.886

TP1 0.874 TP2 0.8695 TP3 0.845

On the daily chart EUR/GBP, we see the continuation of the long-term consolidation in a range of 0.8695-0.9015 within the upward trend.  The break of its bottom line will increase risks of 200% target’s implementation of the AB=CD pattern.  To succeed, bulls have to hit the resistance at 0.8925.

eurgbp_d.png

On H1 of EUR/GBP, successful tests of the upward channel’s bottom line and support at 0.8805 may lead to the continuation of the sharp decline in the direction of 88.6% and 200% targets of “Shark” and AB=CD patterns.  

eurgbp_60.png

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