British pound breakout soon?
Great Britain released retail sales data on May 20, 9:00 GMT+3. The reading outperformed expectations greatly (+1.4% actual vs. -0.3% forecast).
EUR/GBP: bulls counterattacked
2019-11-11 • Updated
Recommendations:
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.
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