British pound breakout soon?
Great Britain released retail sales data on May 20, 9:00 GMT+3. The reading outperformed expectations greatly (+1.4% actual vs. -0.3% forecast).
EUR/GBP: pound is chasing a bat
2019-11-11 • Updated
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.
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.
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