It’s worth paying attention to AUD/JPY. The pair has approached the resistance line connecting April and May highs.
EUR/GBP: will the pair go up or down?
BUY 0.8875 SL 0.882 TP1 0.8955 TP2 0.902 TP3 0.9055
SELL 0.87 SL 0.8755 TP1 0.86 TP2 0.85 TP3 0.8345
On the daily chart of EUR/GBP, bears managed to pull the pair to targets of the “Shakeout-fakeout” pattern and push it further to the bottom line of the long-term consolidation within 0.87-0.902. The break of the line will increase risks of the implementation of the AB=CD pattern with the 161.8% target.
On H1, the pair reached the 161.8% target of the AB=CD pattern. That increased odds of the pullback. If bulls are able to break the resistance at 0.887-0.8875, a possibility of the “Wolfe waves” pattern’s implementation will increase.
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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