EUR/GBP can’t leave the consolidation range of 0.87-0.9020. It was formed in line with the “Spike and ledge” pattern.
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.
On the daily chart, bears are in control. They are still hoping to push the pair to 200% target of AB=CD.
Bearish Ichimoku Cloud with falling Senkou Span B; a cancelled golden cross of Tenkan-sen and Kijun-sen.
Narrowing bearish Ichimoku Cloud with rising Senkou Span A; a dead cross of Tenkan-sen and Kijun-sen, but rising Tenkan-sen; the bulls could breakout the Kijun’s resistance.
GBP/JPY broke support level 141…
Recommendation: BUY 0,9765 SL 0,971 TP1 0,985 TP2 0,9895…