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

Similar

EUR/GBP: bullish targets

EUR/GBP continues trading within an uptrend. The pair has managed to break above 0.9000 (38.2% Fibonacci retracement of the March-April decline) which now acts as support.

How to trade EUR/USD?

EUR/USD will likely trade within the range in stayed in yesterday. The 100-period MA on the H4 (1.1225) supports the pair.

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