EUR/GBP: bulls want revenge

EUR/GBP: bulls want revenge

2019-11-11 • Updated

Recommendation:

BUY 0.8925

SL 0.887

TP 0.9015

On the daily chart, EUR/GBP remains within the 0.8695-0.9015 consolidation range. Its exit outside of it will be a signal of the uptrend’s resumption and increase the odds of formation of the senior AB=CD. The short-term successful test of resistance at 0.8925 will trigger AB=CD pattern and allow the bulls to reach 161.8% target.

EURGBP1.png  

On H1, if EUR/GBP rises to February highs, it will trigger AB=CD and “Crab” patterns. Its 161.8% targets form an important convergence area near 0.9015.

EURGBP2.png

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