EUR/GBP: Head and Shoulders Pattern Daily Chart

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By Deya Hroob

eurgbp


This trade set up is based on daily chart.

 A well-known H&S pattern has been spotted on EUR/GBP daily chart. It's a bearish pattern. Also, the pair is trading under the moving averages.

 You should wait a breakout of the neckline, and trade the retest of the broken line. The neckline goes in line with the 0.236 Fibonacci levels at 0.8864.

 I used Fibonacci levels to find my targets. The targets are 0.8774 and 0.8665

 I have provided two different Fibonacci levels charts.

 We should neglect the pattern, if the price goes above the moving averages.

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