EUR/GBP: bulls grip a straw

EUR/GBP: bulls grip a straw

Recommendation:

BUY 0.889

SL 0.8835

TP1 0.8980 TP2 0.9020 TP3 0.9070

On the daily chart, EUR/GBP is consolidating within a bullish channel. A break of its lower border near 0.8740 will increase the risks of the pair going to 200% target of AB=CD. On the other hand, bears’ inability to let the pair below the diagonal support will allow bulls to resume the uptrend.

EURGBP1.png 

On H1, EUR/GBP keeps forming the “Head and shoulders”. To continue the rally, the pair needs to break above resistance at 0.8890.

EURGBP2.png

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