EUR/GBP: bulls are pursuing a crab

EUR/GBP: bulls are pursuing a crab

Recommendation:

SELL 0.8715

SL 0.8770

TP1 0.8615 TP2 0.8590

On the daily chart, EUR/GBP keeps forming a 5-0 pattern. After a pullback to 38.2% of the wave CD of the “Shark” pattern, the initiative returned to bears. At the moment, the inside bars are formed. They point at uncertainty.

EURGBP1.png 

On H1, EUR/GBP is consolidating in the 0.8715-0.8755 range. A break of its lower border will create grounds for a “Crab” pattern with a target of 161.8%. On the other hand, successful test of resistance at 0.8755 will increase the risks of a correction.

EURGBP2.png

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