Some numbers on this inverse head & shoulders (H&S).
a) tip of head is at 0.6950
b) neckline is 0.7500
c) total height of inverse H&S is thus about 550 pips
d) the projected price target for the completion of the pattern is at 0.8050.
EURGBP has not broken decisively above the neckline (in blue zone). As such, if there is a pullback towards 0.7400 support zone, it offers a good chance to go long.
Long EURGBP 0.7400
SL 0.7350
TP1 0.7750
TP2 0.8050
a) tip of head is at 0.6950
b) neckline is 0.7500
c) total height of inverse H&S is thus about 550 pips
d) the projected price target for the completion of the pattern is at 0.8050.
EURGBP has not broken decisively above the neckline (in blue zone). As such, if there is a pullback towards 0.7400 support zone, it offers a good chance to go long.
Long EURGBP 0.7400
SL 0.7350
TP1 0.7750
TP2 0.8050