Buy EURGBP Bullish PennantThe EUR/GBP pair on the M30 timeframe presents a potential buying opportunity due to the presence of a well-defined bullish pennant pattern. This pattern often suggests a continuation of the prior uptrend after a brief consolidation phase.
Key Points:
Buy Entry: Consider entering a long position (buying) around the current price of 0.8576, positioned near the support line of the pennant. This offers an entry point close to the perceived continuation of the uptrend.
Target Levels: Initial bullish targets lie at the following levels:
0.8616: This represents the height of the pennant, measured from the top trendline to the bottom trendline, projected upwards from the breakout point.
0.8640: This is a further extension of the upside target, based on the height of the previous price movement before the pennant formation.
Stop-Loss: To manage risk, place a stop-loss order below the support line of the pennant, ideally around 0.8560. This helps limit potential losses if the price breaks down from the pennant pattern.
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