EUR/GBP: bears organized a reversal

EUR/GBP: bears organized a reversal

Recommendation:

BUY 0.899

SL 0.8935

TP 0.907 TP2 0.92 TP3 0.93

On the daily chart, EUR/GBP formed “Spike and reversal with acceleration” pattern. A break of trendlines allowed bears to develop a correction towards 0.8765-0.8810. In that area, there’s a target of the “Shark” pattern and 50% level of the last long-term bullish wave.

EURGBP1.png 

On H1, EUR/GBP reached 261.8% target of AB=CD, that increases the risks of a pullback. At the same time, resistance at 0.8980-0.8985 looks very serious. Only in case of its successful test, bulls will get hope for the resumption of the long-term uptrend.  

EURGBP2.png 

eur

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gbp

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