EUR/GBP: euro is walking in corridors

EUR/GBP: euro is walking in corridors

Recommendation:

SELL 0.8800

SL 0.8855

TP1 0.8735 TP2 0.8695 TP3 0.8620

On the daily chart, EUR/GBP is making a long-term consolidation in the 0.87-0.9015 range within a “Spike and ledge” pattern on the basis of 1-2-3. Within it, the pair formed a medium-term consolidation range of 0.87-0.89. A break of its upper border will increase the odds of a “Crab” pattern with target at 161.8%.

EURGBP1.png 

On H1 of EUR/GBP, a break of support at 0.88 will trigger a “Shark” pattern with targets at 88.6% and 113% at 0.8735 and 0.8695. To continue the rally, bulls need to renew July high.

EURGBP2.png

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