EUR/GBP: bulls aim for a breakthrough

EUR/GBP: bulls aim for a breakthrough

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.

EURGBP1.png 

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.

EURGBP h1.png

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How to trade EUR/GBP?

The way EUR/GBP bottomed around 0.8700, then rose above 0.8870 and jumped from the trendline support at 0.8910 shows that the pair possesses bullish momentum.

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