EUR/GBP: bulls befriend a dragon

EUR/GBP: bulls befriend a dragon

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BUY 0.89

SL 0.8845

TP1 0.8985 TP2 0.904

On the daily chart, bulls are trying to catch hold of 0.8810 (50% of the last bullish wave). To counterattack in order to resume the uptrend, they need to conquer resistance at 0.8900. On the other hand, a break of support at 0.8775 will increase the risks of continuation of the decline.

EURGBP1.png 

On H1, a break of resistance at 0.8900 will create the potential for the realization of the “Dragon” pattern. However, for a start bulls have to defend current positions and form a “Double bottom”.

EURGBP2.png

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