EUR/GBP got lost in the corridor

EUR/GBP got lost in the corridor


BUY 0.8925

SL 0.888

TP1 0.902 TP2 0.912 TP3 0.977

On the daily chart, EUR/GBP keeps consolidating in the 0.8700-0.9020 range in line with the “Spike and ledge” pattern on the basis of 1-2-3. A break of its upper border will increase the odds of AB=CD with a target at 161.8%. On the other hand, a successful test of support at 0.87 will open bears way down to 88.6% of the “bat” pattern.


On H1, EUR/GBP keeps forming “Wolfe waves” pattern. A break of the diagonal resistance 2-4 will allow buying the euro.



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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