EUR/GBP: bears are drawing a wedge

EUR/GBP: bears are drawing a wedge

2019-11-11 • Updated

Recommendation:

SELL 0.8885

SL 0.894

TP1 0.8825 TP2 0.8795 TP3 0.8745

On the daily chart, EUR/GBP keeps consolidating within “Spike and ledge” on the basis of 1-2-3. Bulls tried to break to its upper border near 0.9015 but were then pulled off to the starting positions. Currently, the pair is fighting for an important level of 38.2% of the bullish medium-term wave.

EURGBp1.png  

On H1, EUR/GBP bears got a chance to form the reversal pattern “Widening wedge”. If they use it, the risks of correction towards 50% and 61.8% of the last bullish wave and lower will increase.

EURGBP2.png

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