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 tricked their rivals
2019-11-11 • Updated
Recommendation:
BUY 0.8810
SL 0.8755
TP1 0.8910 TP2 0.8940 TP3 0.9015
On the daily chart, EUR/GBP bulls managed to seize the initiative and return the pair inside the previous medium-term consolidation range of 0.8695-0.9015. A break of resistance at 0.8810 will trigger the “Shark” pattern with a target at 88.6%. It’s located near 0.8940.
On H1, EUR/GBP formed a “Shakeout – Fakeout” pattern. The return of the pair to the middle of the 0.8690-0.8755 range points at the weakness of bears and allowed bulls to expect that the “Shark” pattern will be triggered soon.
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