On February 28th, the EURGBP currency pair exhibited a medium-term uptrend, resulting in a rise of approximately 140 pips. Subsequently, the market underwent a downward correction within a defined range, leading to an 80-pip decline. Recently, there was a breakout from the downward channel driven by a harmonic reversal pattern, which provided confirmation of the continuation of the medium-term bullish trend. This claim is further substantiated by the breach of the H1 resistance level.
Consequently, I anticipate that buyers will push prices strongly higher in the coming days towards the 0.89232 level. If the broken resistance level is retested or broken slightly to the downside, buyers will have the opportunity to accumulate positions at a much discounted price.
Consequently, I anticipate that buyers will push prices strongly higher in the coming days towards the 0.89232 level. If the broken resistance level is retested or broken slightly to the downside, buyers will have the opportunity to accumulate positions at a much discounted price.
Comment:
TP 1 Hit. TP2 half-way through.
Comment:
TP2 hit. (Price objective fully met)
