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GBP/USD: bears showed weakness

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Recommendation:

BUY 1.4285

SL 1.423

TP1 1.4385 TP2 1.461 TP3 1.4715

On the daily chart, GBP/USD pulled back after reaching 200% target of the AB=CD pattern. Advance beyond January high will allow the pound to continue rising towards $1,4610. As long as the pair’s trading above $1,405, bulls remain in control.

GBP1.png 

On H1, GBP/USD keeps forming “Spike and reversal with acceleration”. The inability of bears to return the pair inside the uptrend points at their weakness.

CHF2.png

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