Recommendation: BUY 0…
EUR/GBP: bulls are going for a retest
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.
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.
On H1 of EUR/USD, bulls want to trigger “Wolfe waves” pattern with a target at the line 1-4. At the same time, if the pair doesn’t leave the downtrend channel, their plans will fail.
Narrowing bullish Ichimoku Cloud with falling Senkou Span A; a dead cross of Tenkan-sen and Kijun-sen with the falling lines
Narrow bearish Ichimoku Cloud, horizontal Senkou Span A and B; a new weak golden cross of Tenkan-sen and Kijun-sen; the prices are three way bounced from the SSB’s resistance.
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