EUR/GBP: bears - bulls - 5:0

EUR/GBP: bears - bulls - 5:0

Recommendation:

SELL 0.8690

SL 0.8745

TP1 0.859 TP2 0.852 TP3 0.845

On the daily chart, EUR/GBP keeps forming 5-0 and “Spike and ledge” patterns. The pair got out of the medium-term channel (0.87-0.9015) and triggered the junior AB=CD pattern. Its 200% target is near 0.8520. A bit closer (0.8450) is the 200% target of the senior AB=CD.

EURGBP1.png 

On H1, EUR/GBP after a short consolidation in the 0.8690-0.8755 area bears returned the initiative to themselves and continued pulling the euro down towards 161.8% target of the “Crab”.  

EURGBP2.png

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