EUR/GBP: bears prepare a trap

EUR/GBP: bears prepare a trap


SELL 0.882 SL 0.8875 TP1 0.8735 TP2 0.867 TP3 0.845

SELL 0.8855 SL 0.891 TP1 0.8755 TP2 0.867 TP3 0.845

On the daily chart, EUR/GBP keeps medium-term consolidation in the 0.8700-0.9015 range in line with the “Spike and ledge” pattern. A break of its lower border will create grounds for the decline to 200% of AB=CD.


On H1, the “Shark” pattern is transforming into 5-0 after the pair reached 88.6% target of the former. Pullbacks towards 50% and 61.8% of the wave CD are usually used for selling.





USD/TRY has moved sharply down this week falling to the support line since the end of November.

Trade ideas for gold

The downside correction is long due in XAU/USD. Gold is stuck ahead of resistance at 1298.50.

Latest news

GBP/USD: confirmed "Thorn" pattern

The last "Pennant" pattern has been broken, so bulls found resistance at 1.2915. Nevertheless, the market is likely going to move on, so we should...


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