GBP/USD: levels to trade
GBP/USD has been consolidating between 1.30 and 1.2770 for the past month. The pair met resistance at the resistance line connecting October and November highs.
GBP/USD: a chance to buy the pound
Recommendation:
BUY 1.4245
SL 1.419
TP1 1.4345 TP2 1.4430 TP3 1.4525
On the daily chart, GBP/USD after reaching 88.6% target of the senior “Shark” pattern can proceed to 23.6%, 38.2% and 50% of the wave CD. To continue rally towards targets to 113% and 127.2% of the senior “Shark” pattern and AB=CD bulls need to rise above March high.
On H1, GBP/USD reached targets of a “Shark” and “Wolfe waves”. Further dynamics will depend on the pair’s exit of the 1.4065-1.4245 consolidation range.
Ivan Karamazov
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