EUR/GBP: will the pair go up or down?
Read the article on FBS website
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.
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.
