EUR/GBP: bulls return the initiative

EUR/GBP: bulls return the initiative

Recommendation:

BUY 0.8950

SL 0.8895

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.

EURGBP1.png 

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.

EURGBP2.png

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