EUR/GBP: pound is taking the initiative

EUR/GBP: pound is taking the initiative


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.


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.




USD/TRY has moved sharply down this week falling to the support line since the end of November.

Trade ideas for gold

The downside correction is long due in XAU/USD. Gold is stuck ahead of resistance at 1298.50.

Latest news

GBP/USD: confirmed "Thorn" pattern

The last "Pennant" pattern has been broken, so bulls found resistance at 1.2915. Nevertheless, the market is likely going to move on, so we should...


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