On the daily chart of EUR/GBP, bears managed to seize the initiative and brought the pair to the lower border of the medium-term consolidation range (0.8695-0.9015). If the pair triggers the “Bat” pattern, the odds of it going to its 88.6% target at 0.8635 will increase.
GBP/USD: bears created a trap
SELL 1.332 SL 1.3375 TP 1.321 TP2 1.3105
SELL 1.338 SL 1.3435 TP1 1.328 TP2 1.321
On the daily chart, after GBP/USD formed AB=CD and “Three Indians” patterns, there was a pullback. Bulls are currently trying to return in the game and resume the uptrend. For a start, they have to overcome 1.3290.
On H1, GBP/USD reached 88.6% target of the “Shark” pattern. After this, the “Shark” started transforming into 5-0. Pullbacks towards 23.6%, 38.2% and 50% of the wave CD, as usual, are used for forming short positions.
On the daily chart, EUR/USD reached an interim target at 78.6% of the “Bat”. The pair formed an inside bar. A break of its upper border will increase the odds of a break above the diagonal resistance and a trigger of the “Shark” pattern.
On the daily chart, USD/JPY is trading within an uptrend channel. Bulls remain in control of the situation.
We've got a bearish "High Wave", which has strong confirmation. In this case, the price is likely going to decline.
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