Expanding bearish Ichimoku Cloud with falling Senkou Span A; a dead cross of Tenkan-sen and Kijun-sen; the market made new lows, but there is a strong support on 111.00.
EUR/GBP: bulls counterattacked
BUY 0.881 SL 0.8755 TP1 0.891 TP2 0.9
SELL 0.8755 SL 0.881 TP 0.8655
On the daily chart, EUR/GBP bulls are trying to hold at the lower border of the 0.8775-0.8900 consolidation range. If they fail, a formation of the “Shark” and “Shakeout-Fakeout” pattern will increase the risks of the pair’s advance above 0.9000.
On H1, EUR/GBP is in the final stage of the “Widening wedge”. A break of resistance at 0.8795 (23.6% of the wave 4-5) and 0.8810 will open the way to the upside. Selling the pair will become a good idea below support at 0.8755.
Narrowing bearish Ichimoku Cloud with rising Senkou Span A; a new golden cross of Tenkan-sen and Kijun-sen, rising Tenkan-sen; the prices are entered into the Cloud.
Recommendation: BUY 111…
The last consolidation resulted in a massive bullish rally. Finally, the price faced resistance at 1.1365, so bears are likely going to...
The 55 Moving Average has acted as a resistance, so there’re a “Shooting Star” and a “Doji”.
GBP/CHF broke pivotal resistance level 1…