GBP/USD is like a phoenix
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Recommendation:
BUY 1.2960
SL 1.2905
TP1 1.3060 TP2 1.3090 TP3 1.3150
Like a phoenix, the British pound is rising from the ashes. On the daily chart, GBP/USD keeps forming a “Spike and reversal with acceleration”. Buyers managed to push the pound above then trend line of the spike. Now they are ready to retest the trend line of the initial stage. If they succeed, the odds of a “Shark” pattern with 88.6% will increase.
On H1, bulls failed at the first attempt to get through the 1.2925-1.2937 convergence area. To continue the rally, GBP/USD needs to rise above resistance at 1.2960.
