EUR/GBP: bulls restore the trend

EUR/GBP: bulls restore the trend

Recommendation:

BUY 0.907 SL 0.9015 TP1 0.917 TP2 0.922 TP3 0.93

On the daily chart of EUR/GBP, the reversal towards the 23.6% target of the CD wave as a part of the "Shark" pattern's transformation into the 5-0 one helped to open long positions. If December's maximum is updated, the odds of the AB=CD pattern's implementation with the 127.2% target will increase. This target complies with the 0.922 level. 

eurgbp_d.png

On H1, the 113% target of the "Shark" pattern followed by the reversal towards the 23.6% target of the CD wave was reached. It helped bulls to push the pair further. For now, they plan to continue moving up towards the 200% target of the AB=CD pattern. 

eurgbp_60.png

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Last week XAU/USD recovered 38.2% of the November decline. However, the advance of gold was limited by the declining 50-period MA on the H4.

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Latest news

XAU/USD: a short-term trade

Last week XAU/USD recovered 38.2% of the November decline. However, the advance of gold was limited by the declining 50-period MA on the H4.

GBP/USD: levels to trade

GBP/USD has been consolidating between 1.30 and 1.2770 for the past month. The pair met resistance at the resistance line connecting October and November highs.

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