British pound breakout soon?
Great Britain released retail sales data on May 20, 9:00 GMT+3. The reading outperformed expectations greatly (+1.4% actual vs. -0.3% forecast).
EUR/GBP: bulls prefer a harmonic trading
2022-05-17 • Updated
Recommendations:
BUY 0.884
SL 0.8785
TP1 0.8895 TP2 0.894 TP3 0.9015
On the daily chart of EUR/GBP, the reversed “Shark” pattern with the 88.6% target (50% from the long-term upward wave) is continuing to implement. It corresponds to the 0.894 mark. Bulls managed to stick above the important level of 0.881. If the pair is able to break the May high, EUR/GBP will continue its upward movement.
On H1, there are “Shark”, “Head and shoulders”, and “AB=CD” patterns. 88.6% and 224% targets of “Shark” and “AB=CD” patterns determine the area of the convergence near 0.894.
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