EUR/GBP: will the pair go up or down?

EUR/GBP: will the pair go up or down?

Recommendations:

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.

eurgbp_d.png

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.

eurgbp_60.png

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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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