EUR/GBP: the euro is weak

EUR/GBP: the euro is weak

Recommendation:

SELL 0.8745

SL 0.88

TP1 0.8645 TP2 0.859 TP3 0.8335

On the daily chart of EUR/GBP, there is a test of the bottom line of the long-term consolidation of 0.87-0.902 within the "Spike and ledge" pattern. A successful break of the line will pull the pair to the 161.8% of the junior and senior AB=CD patterns.

eurgbp_d.png

On H1, the pair reached the 113% target of the "Shark" pattern. It increases risks of the pullback to 23.6%, 38.2%, and 50% from the CD. They should be used to sell. 

eurgbp_60.png

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GBP/USD: levels to trade

GBP/USD has been consolidating between 1.30 and 1.2770 for the past month. The pair met resistance at the resistance line connecting October and November highs.

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