GBP/USD: will the pound leave the ledge?

Read the article on FBS website

On the GBP/USD daily chart, "bulls" are trying to implement the "Splash and ledge" pattern. If they succeed, the risks of continuation of the rally towards 161.8% target in the AB = CD pattern will increase. In contrast, a move of quotes to the middle level of the 1.2770 - 1.2860  trading range can lead to the formation of "Shakeout-fakeout" pattern and development of the correction to the current uptrend.

On the GBP/USD hourly chart, the failure of buyers to move higher will be a sign of their weakness. It might also lead to the formation of the expanding wedge reversal pattern, 

Share with friends:

Similar

Latest news

Instant opening

FBS maintains a record of your data to run this website. By pressing the “Accept” button, you agree to our Privacy policy.