GBP/USD: picture has worsened
GBP/USD turned down from the levels around 1.3015 this week and fell below the 100- and 200-day MAs in the 1.2960 area.
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.
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.
Ivan Karamazov
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