EUR/GBP: bears seized the initiative

EUR/GBP: bears seized the initiative

Recommendation:

SELL 0.8820

SL 0.8875

TP1 0.8745 TP2 0.8715

On the daily chart, EUR/GBP keeps consolidating in line with the “Spike and ledge” pattern on the basis of 1-2-3. The attempt of the bulls to hold at 0.8925 targeting 161.8% of the junior AB=CD failed. As a result, bears seized the initiative.

EURGBP1.png 

On H1, EUR/GBP reached the target of the “Widening wedge”. A break of support at 0.8820 will increase the risks of a “Shark” pattern with a target at 88.6%. The nearest resistance is near 0.8875.

EURGBP2.png

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