EUR/GBP: pound is taking the initiative

EUR/GBP: pound is taking the initiative

Recommendation:

SELL 0.8765

SL 0.882

TP1 0.8665 TP2 0.8525 TP3 0.844

On the daily, EUR/GBP bears managed to lead the pair outside of the long-term uptrend channel. As a result, the odds of the pair reaching 200% target of AB=CD increased. A successful test of support at 0.8693 is a necessary condition for the decline.

EURGBP1.png 

On H1, EUR/GBP keeps forming the “Head and shoulders” pattern. The retest of resistance at 0.8765 (used to be a support) may be used for forming short positions.

EURGBP2.png

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