EUR/GBP: bulls have defended the fortress

EUR/GBP: bulls have defended the fortress

Recommendation:

SELL 0.8700

SL 0.8755

TP1 0.8600 TP2 0.8450

On the daily chart, EUR/GBP tested the lower border of the 0.8740-0.9015 for the fourth time since September. The inability of bears to continue what they have begun will point at their weakness. On the other hand, if the pair renews January low, the odds of decline to 2% target of AB=CD will increase.

EURGBP1.png 

On H1, EUR/GBP managed to lead the pair outside of the descending trade channel. To return the initiative, bears need to make the euro go below support at 0.8740.

EURGBP2.png

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