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/JPY: Dollar entered into Cloud

Bearish Ichimoku Cloud with rising Senkou Span A; an irregular dead cross of Tenkan-sen and Kijun-sen with horizontal lines; the prices are entered into cloudy area and may continue growing up.


Morning brief for May 30

 Growing concerns over Greek bailout, early elections in Italy and comments by the ECB President Mario Draghi about the need to maintain the bank’s extraordinary amount of monetary policy support…

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