Last week brought a selloff in markets. Some assets reached the most crucial support levels and are likely to reverse in a short term. Be ahead of trends and make the most out of this week!
EUR/GBP: GBP gains momentum
2019-11-11 • Updated
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.
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.
Dovish ECB and hawkish Fed paint a bearish outlook for the EUR/USD. Is declining to 1.0770 the next stop?
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