EUR/GBP: bulls get ready to strike

EUR/GBP: bulls get ready to strike

Recommendation:

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.

EUR1.png 

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.

EUR2.png

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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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