EUR/GBP: bulls want revenge

EUR/GBP: bulls want revenge

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

Similar

USD/JPY: intraday trading

Volatility has greatly diminished in USD/JPY. The pair is consolidating in a narrow range on H4, and a breakout is coming.

Latest news

GBP/USD: pound entered into channel Tenkan-Kijun

Bullish Ichimoku Cloud with horizontal Senkou Span A and B; a golden cross of Tenkan-sen and Kijun-sen with horizontal lines; the market is under strong resistance and prices entered into the channel Tenkan-Kijun.

gbp

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