EUR/GBP: bulls retreat, but don’t give up

EUR/GBP: bulls retreat, but don’t give up

Recommendation:

SELL 0.8875

SL 0.893

TP1 0.8775 TP2 0.8715 TP3 0.869

On the daily chart of EUR/GBP, bears failed with their attack on the support of the lower border of the medium-term consolidation range of 0.8690-0.9015. Sellers retain hopes for a break and formation of the AB=CD pattern.

EURGBP1.png 

On H1, a break above resistance levels at 0.8780 and 0.8810 will increase the risks of triggering Gartley pattern with a target at 78.6% of the wave XA. From this area (0.8870-0.8880), there is a high possibility of aggressive selling by large players.

EURGBP2.png

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What are the scenarios for gold?

On the daily chart, XAU/USD is consolidating in the 1185-1210 range. A break of its upper border will trigger a “Crab” with a 161.8% target.

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