EUR/GBP will go down

EUR/GBP will go down

2019-11-11 • Updated

Recommendation:

SELL 0.8845

SL 0.89

TP1 0.8745 TP2 0.8645 TP3 0.833

On the daily chart, if EUR/GBP falls to September low and breaks below the middle of the 0.87-0.902 channel will trigger a “Shakeout-Fakeout” pattern. As a result, there will be potential for further decline to 161.8% of the junior and senior AB=CD.

EURGBP1.png  

On H1, the inability of EUR/GBP bulls to keep the pair outside of the downtrend channel points at their weakness. Bears are trying to seize the initiative and keep the correction towards 78.6% and 88.6%.

EURGBP2.png

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