EUR/GBP: bulls are under pressure

EUR/GBP: bulls are under pressure

Recommendation:

SELL 0.8715

SL 0.877 TP1 0.8615

TP2 0.8525 TP3 0.8425

On the daily chart, EUR/GBP continues its medium-term consolidation in the 0.8700-0.9015 area. A break of its lower border will increase the odds of the pair’s getting to 200% target of AB=CD. On the other hand, advance above the resistance at 0.9015 will help to resume the uptrend.

EURGBP1.png 

On H1, EUR/GBP reached 88.6% target of an inverted “Bat”. To continue the decline, bears need to pull the pair below 0.8715.

EURGBP2.png

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EUR/GBP: pound is chasing a bat

On the daily chart of EUR/GBP, bears managed to seize the initiative and brought the pair to the lower border of the medium-term consolidation range (0.8695-0.9015). If the pair triggers the “Bat” pattern, the odds of it going to its 88.6% target at 0.8635 will increase.

EUR/USD: bears hit the breaks

On the daily chart, EUR/USD reached an interim target at 78.6% of the “Bat”. The pair formed an inside bar. A break of its upper border will increase the odds of a break above the diagonal resistance and a trigger of the “Shark” pattern.

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