Nice - in sum this can be cross trade for EUR/GBP...Greetings everybody,
In general, situation stands the same, EUR keeps bullish context, at least it keeps chances to reach nearest 1.22-1.2210 target. Yesterday we've talked about two possible patterns - butterfly and "222" and EUR has formed the latter, showing AB-CD retracement on 1H chart. Still it was able to stay above our crucial 1.2220 K-support area, that meets our conditions of bullish context.
So, today we're watching for the same 1.2208 butterfly extension target around 4H 1.22 Fib resistance level as well:
On GBP, as market has hit our major XOP and weekly Agreement resistance, price is overbought at daily and weekly chart - we carefully could start consideration of bearish signs. For instance, on 1H chart we could keep an eye on first 222 "Sell" pattern. Hardly it triggers major pullback, but some downside action could happen: