EUR/GBP: fighting for the initiative

EUR/GBP: fighting for the initiative

2019-11-11 • Updated

Recommendation:

SELL 0.8645 SL 0.87 TP1 0.8555 TP2 0.852 TP3 0.8455

BUY 0.8795 SL 0.874 TP1 0.8895 TP2 0.893

In the daily chart of EUR/GBP, the inability of bulls to reach resistance at 0.88, conquer it and trigger the “Shark” pattern pointed at their weakness. Bears returned the initiative and are ready to reach 200% targets of the junior and senior AB=CD.

EURG1.png  

On H1 of EUR/GBP, only a break of resistance at 0.8795 will allow bulls to count on the formation of the inverted “Head and Shoulders” and the “Shark”. On the other hand, a decline below support at 0.8645 will open the way down for the pair.

EURG2.png

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