EUR/GBP rallies and it seems strong enough to approach and reach new highs soon. A new higher high could bring a long opportunity. The pair has turned to the upside after ending its corrective phase.
A no-deal Brexit fear has formed the Pound to lose ground versus the Euro in the short-term. Technically, the pair has shown strong bullish signs, so we may have a broader growth in the upcoming period.
EUR/GBP Hot Opportunity!
EUR/GBP approaches the median line (ml) of the ascending pitchfork. A valid breakout above it and through the R2 (0.9083) suggests buying with a first upside target at the upper median line (UML) of the major descending pitchfork.
Its failure to make a new lower low, to drop under 0.8861, has signaled that the downside movement is over. EUR/GBP has come back within the ascending pitchfork's body, it has retested the lower median line (lml) and the median line (ML) and now it could breakout above the median line (ml) which represents a bullish signal.
- EUR/GBP Trading Conclusion
Jumping, closing, and stabilizing above the median line (ml) and above the R2 (0.9083) represents a buying signal. The R3 (0.9166) and the upper median line (ml) could be used as near-term targets.
A valid breakout above the upper median line (UML) of the major descending pitchfork signals a larger upside movement.
