EUR/GBP: bulls tricked their rivals

EUR/GBP: bulls tricked their rivals

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.

EURGBP1.png 

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.

EURGBP2.png

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