A bullish momentum is accumulating on the pair and based on the technical indicators it makes me bullish biased, and, I am considering a long based on the below points. Best of Luck.
Bullish
1:Higher High and Higher Lows
2:Bullish Engulfing Candle on the daily chart
3: 3white Soldiers on a 4 hourly chart
4:Cup and Handle formation
5:Strong Weekly support at 0.8475
6:Broken trend line resistance
7:No Bearish Divergence
8:EURGBP pair was 63% bullish for the month of December in last 11 years
Plan A
Buy at the current level
Tp1 on a daily resistance of 0.8565
Tp2 on a weekly resistance of 0.8575
Tp3 would be a cup and handle projection which is 0.8692 which is also the Fib extension of 1.618
Stop loss would be just below the previous Lower low which is also a weekly resistance of 0.847 and a Fib Level of 50%.
Bearish
1:Strong weekly Resistance at0.85752
2:Strong Daily Resistance at 0.8564
Plan A
Buy at the current level
Tp1 on a daily resistance of 0.8565
Tp2 on a weekly resistance of 0.8575
Tp3 would be a cup and handle projection which is 0.8692 which is also the Fib extension of 1.618
Stop loss would be just below the previous Lower low which is also a weekly resistance of 0.847 and a Fib Level of 50%.
Bullish
1:Higher High and Higher Lows
2:Bullish Engulfing Candle on the daily chart
3: 3white Soldiers on a 4 hourly chart
4:Cup and Handle formation
5:Strong Weekly support at 0.8475
6:Broken trend line resistance
7:No Bearish Divergence
8:EURGBP pair was 63% bullish for the month of December in last 11 years
Plan A
Buy at the current level
Tp1 on a daily resistance of 0.8565
Tp2 on a weekly resistance of 0.8575
Tp3 would be a cup and handle projection which is 0.8692 which is also the Fib extension of 1.618
Stop loss would be just below the previous Lower low which is also a weekly resistance of 0.847 and a Fib Level of 50%.
Bearish
1:Strong weekly Resistance at0.85752
2:Strong Daily Resistance at 0.8564
Plan A
Buy at the current level
Tp1 on a daily resistance of 0.8565
Tp2 on a weekly resistance of 0.8575
Tp3 would be a cup and handle projection which is 0.8692 which is also the Fib extension of 1.618
Stop loss would be just below the previous Lower low which is also a weekly resistance of 0.847 and a Fib Level of 50%.