EUR/GBP: bulls befriend a dragon
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BUY 0.89
SL 0.8845
TP1 0.8985 TP2 0.904
On the daily chart, bulls are trying to catch hold of 0.8810 (50% of the last bullish wave). To counterattack in order to resume the uptrend, they need to conquer resistance at 0.8900. On the other hand, a break of support at 0.8775 will increase the risks of continuation of the decline.
On H1, a break of resistance at 0.8900 will create the potential for the realization of the “Dragon” pattern. However, for a start bulls have to defend current positions and form a “Double bottom”.
