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: the euro is weak
2019-11-11 • Updated
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.
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.
Last week brought a selloff in markets. Some assets reached the most crucial support levels and are likely to reverse in a short term. Be ahead of trends and make the most out of this week!
Dovish ECB and hawkish Fed paint a bearish outlook for the EUR/USD. Is declining to 1.0770 the next stop?
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