EUR/GBP: bulls get ready to strike

EUR/GBP: bulls get ready to strike


BUY 0.8825 SL 0.8770 TP1 0.8925 TP2 0.8940 TP3 0.9015

BUY 0.8790 SL 0.8755 TP1 0.8890 TP2 0.8940 TP3 0.9015

On the daily chart of EUR/GBP, bulls are ready to get the pair out of the 0.8700-0.8825 consolidation range (a “ledge”) within the ‘Spike and ledge” pattern on the basis of 1-2-3. If the attempt to get above resistance at 0.8825 succeeds, the risks of the realization of a “Shark” pattern with a target at 88.6% will increase.


On H1, a retest of the upper border of the descending channel or a break above resistance at 0.8825 will create grounds for the formation of a “Shark” pattern. Its 88.6% target is at 0.8940.



How to trade EUR/GBP?

The way EUR/GBP bottomed around 0.8700, then rose above 0.8870 and jumped from the trendline support at 0.8910 shows that the pair possesses bullish momentum.

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