Market Phase 1 - Trend Initiation

EURGBP has now successfully bottomed and according to my 5-phase trend evaluation has now entered into the 1st phase of the next emerging trend. The bullish hammer candle on the daily hints towards a successful re-test of the breakout level and with another break above the Daily 200 SMA will set in motion a series of new bullish targets, starting with a new structure high @ 0.866. If price retreats back below 0.847 the setup will be invalidated and hence this will be our stop.