EUR/GBP: bulls are restoring authority

EUR/GBP: bulls are restoring authority

Recommendation:

BUY 0.8940

SL 0.8885

TP1 0.9040 TP2 0.9100

On the daily chart, EUR/GBP is trying to break out of the medium-term descending channel. This is a bullish signal. Formation of the “Double bottom” pattern points at the uptrend’s resumption.

EURGBP1.png 

On H1, a break of resistance at 0.8940 and triggering of an inverted “Ideal butterfly” will increase the odds of reaching a 127.2% target. At the same time, in case of the break of 88.6% of the wave 4-5 a “Widening wedge” will be formed.

EURGBP2.png

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Latest news

GBP/USD: pound entered into channel Tenkan-Kijun

Bullish Ichimoku Cloud with horizontal Senkou Span A and B; a golden cross of Tenkan-sen and Kijun-sen with horizontal lines; the market is under strong resistance and prices entered into the channel Tenkan-Kijun.

gbp

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