EUR/GBP: bulls got scared

EUR/GBP: bulls got scared

2019-11-11 • Updated

Recommendation:

SELL 0.9005

SL 0.9060

TP1 0.8945 TP2 0.8900 TP3 0.8850

On the daily chart, the inability of bulls to make EUR/GBP settle above the upper border of the 0.8700-0.9020 consolidation range points at their weakness. If bears manage to return the pair to its middle, a “Shakeout-Fakeout” pattern will be triggered. As a result, the risks of reversal of the current trend will increase.

EURGBP daily.png  

On H1, EUR/GBP reached the targets of “Three Indians” near the convergence level (127.2% target of AB=CD). Bears seized the initiative, so there’s sense to use breaks or pullbacks from resistance levels for selling the pair.  

EURGBP h1.png

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