Expanding bullish Ichimoku Cloud with rising Senkou Span A; a golden cross of Tenkan-sen and Kijun-sen, with rising lines; the prices are under strong resistance and the market is overbought.
EUR/GBP: bulls return the initiative
TP1 0.9100 TP2 0.9250
On the daily chart, the inability of bears to keep the pair below the lower border of the uptrend channel points at their weakness. To reach 88.6% target of the “shark” pattern bulls need to conquer resistance at 0.8926 and renew November low.
On H1, the return of EUR/GBP to the uptrend channel with the following successful test of resistance at 0.8948 will increase the risks of going to 127.2% target of the butterfly.
Bearish Ichimoku Cloud with falling Senkou Span B; a dead cross of Tenkan-sen and Kijun-sen, but the lines are horizontal; the prices made a new lows, but the market is oversold and expected a correction to Tenkan-sen.
Recommendation: SELL 0…
Wave (v) of [i] has been ended on 8/8 MM Level, so it's time for a correction. The nearest target for wave [ii] is 6/8 MM Level...
Bulls faced with resistance at 1.2029, so the price is likely going to decline towards the nearest support area at 1.2003 - 1.1975...
Recommendation: BUY 1…