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.




Levels to trade EUR/USD

EUR/USD has turned up from the 50-day MA at 1.1715 yesterday. This is a sign that buyers are strong. Still, the short-term resistance line limits the upside at 1.1870.

EUR/USD looks ready for more downside

EUR/USD is supported around 1.1750. However, the pair has already fallen below the summer support line. We’ll view buy trades only when the pair returns above 1.1800.

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