EUR/GBP: bulls are going for a retest

EUR/GBP: bulls are going for a retest

Recommendation:

BUY 0.8825

SL 0.8770

TP1 0.8885 TP2 0.8950

On the daily chart, EUR/GBP is fighting for 0.8805 (50% of the long-term bullish wave). Bears are trying to bring the pair inside the downtrend channel. If they succeed, the risks of correction to the long-term trend increase. On the other hand, return of the pair above 0.8805 will return the initiative to the bulls.

EURGBP1.png 

On H1, EUR/GBP formed a “Head and shoulders” and “Gartley” patterns. The realization of a 1-2-3 pattern will allow bulls to count on a retest of the neckline.

EURGBP2.png

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