British pound breakout soon?
Great Britain released retail sales data on May 20, 9:00 GMT+3. The reading outperformed expectations greatly (+1.4% actual vs. -0.3% forecast).
EUR/GBP: bulls aim for a breakthrough
2019-11-11 • Updated
Recommendation:
BUY 0.8990
SL 0.8935
TP1 0.9090 TP2 0.92 TP3 0.9730
On the daily chart, EUR/GBP can’t leave the consolidation range of 0.87-0.9020. It was formed in line with the “Spike and ledge” pattern. An advance above the upper border of the “ledge” will increase the odds of getting to 161.8% target of AB=CD.
On H1, EUR/GBP is in a sustainable uptrend. In a situation like this, it’s better to buy on the break of the key resistance levels or on a fading correction.
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