EUR/GBP: will buyers get higher?

EUR/GBP: will buyers get higher?


BUY 0.9030

SL 0.8975

TP1 0.9115 TP2 0.9735

On H1, buyers brought EUR/GBP to the upper border of the long-term uptrend channel 0.8700-0.9020 the second time in the past few days. It was formed in line with the “Spike and ledge” pattern. A break of the upper border of the ledge will increase the possibility of further advance and triggering of AB=CD with target at 161.8%.

EURGBP D1.png 

On H1, if EUR/GBP renews August high, it will trigger AB=CD pattern with targets at 127.2% and 161.8% at 0.9070 and 0.9115.



How to trade EUR/GBP?

The way EUR/GBP bottomed around 0.8700, then rose above 0.8870 and jumped from the trendline support at 0.8910 shows that the pair possesses bullish momentum.

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