EUR/GBP:  GBP gains momentum

EUR/GBP: GBP gains momentum

Recommendation:

SELL 0.881

SL 0.8865

TP1 0.871 TP2 0.866 TP3 0.86

On the daily chart of EUR/GBP, bulls couldn’t break the resistance at 0.891. Only after the successful retest, they can hope for the implementation of “Bat” and “Wolfe waves” patterns. Until then, bears are stronger. They are going to retest the October low and implement the AB=CD pattern.

eurgbp_d.png

On H1, a rebound from the upper boundary of the downward channel will let bears continue the sharp decline to 113% and 127.2% targets of “Shark” and AB=CD patterns.

eurgbp_60.png

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How to trade EUR/GBP?

The way EUR/GBP bottomed around 0.8700, then rose above 0.8870 and jumped from the trendline support at 0.8910 shows that the pair possesses bullish momentum.

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