EURGBP Short-Term Long Idea & Potential AB=CD Pattern.

Marked by the blue arrow, we expect to see a small retracement in price to roughly the top of the support/resistance zone marked by the two red lines. If the retracement fails to break below this support zone we expect to see a decent rally to the previous level of support now turned resistance (also a 61.8 retracement of the A-B leg of the AB=CD pattern that might be forming). If we see this happen we will enter into a long position with our targets set to the C point of the AB=CD pattern or roughly a 61.8 retracement of the A-B leg.

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