EUR/GBP: bulls want to get out

EUR/GBP: bulls want to get out

2019-11-11 • Updated

Recommendation:

BUY 0.8960 SL 0.8905 TP1 0.906 TP2 0.916 TP3 0.9735

BUY 0.9020 SL 0.8965 TP1 0.912 TP2 0.922 TP3 0.9735

On the daily chart, EUR/GBP tested the upper border of the 0.8700-0.9020 range. It was formed in line with the “Spike and ledge”. The failure didn’t discourage bulls. They are ready to repeat their attack in order to trigger the AB=CD pattern with a target at 161.8%.

EURGBP1.png

On H1, EUR/GBP formed “Wolfe waves” pattern. A break of resistance at 0.8925 allowed to but the euro. A pullback to support at 0.8960 or an advance above resistance at 0.9020 will allow buyers to increase long positions.

EURGBP3.png

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