Expanding bullish Ichimoku Cloud with rising Senkou Span A; a golden cross of Tenkan-sen and Kijun-sen, rising Kijun-sen; the market supported by Tenkan-sen and it will continue the uptrend.
EUR/GBP: bears organized a reversal
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.
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.
Expanding bullish Ichimoku Cloud with rising Senkou Span A; a new golden cross of Tenkan-sen and Kijun-sen with rising Tenkan-sen; the prices are a tested the main daily resistance, but the market needs a correction.
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