EUR/GBP Failed Bearish SHS for New Uptrend

Nenad Kerkez Top-XE

The EUR/GBP spiked heavily on BOE presser that investors saw as dovish. The BOE’s main worry is that higher import costs and moderating wages will mean weaker household income growth. EUR got much stronger vs GBP and technically we can see a POC zone within 1.0855-70. The confluence is additionally confirmed by failed bearish head and shoulder pattern, X cross ™,H3 weekly camarilla + ATR daily pivot. Should the pair retrace into the zone we might start looking for new bullish entries. 0.8630 is next resistance and we might see sellers that could reject the price towards the POC. However if the pair get h1 momentum or 4h close above 0.8630 next target is 0.8715.

Author

Nenad Kerkez

Top-XE

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