GBP/USD: a chance to buy the pound

GBP/USD: a chance to buy the pound


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.




EUR/GBP: pound is chasing a bat

On the daily chart of EUR/GBP, bears managed to seize the initiative and brought the pair to the lower border of the medium-term consolidation range (0.8695-0.9015). If the pair triggers the “Bat” pattern, the odds of it going to its 88.6% target at 0.8635 will increase.

EUR/USD: bears hit the breaks

On the daily chart, EUR/USD reached an interim target at 78.6% of the “Bat”. The pair formed an inside bar. A break of its upper border will increase the odds of a break above the diagonal resistance and a trigger of the “Shark” pattern.


Morning brief for May 30

 Growing concerns over Greek bailout, early elections in Italy and comments by the ECB President Mario Draghi about the need to maintain the bank’s extraordinary amount of monetary policy support…

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