EUR/GBP: pound is chasing a bat

EUR/GBP: pound is chasing a bat

Recommendations:

SELL 0.8775 SL 0.8830 TP1 0.8695 TP2 0.8635

BUY 0.8835 SL 0.8780 TP1 0.893 TP2 0.9015

On the daily chart of EUR/GBP, bears managed to seize the initiative and brought the pair to the lower border of the medium-term consolidation range (0.8695-0.9015). If the pair triggers the “Bat” pattern, the odds of it going to its 88.6% target at 0.8635 will increase.

EUR1.png 

On H1, if EUR/GBP retests the diagonal resistance in the form of the lower border of the uptrend channel and then return the initiative to bears, the odds of reaching 88.6% target of the “Bat” will increase.

EUR2.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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