GBP/USD: a good chance for the British pound

GBP/USD: a good chance for the British pound

Recommendation:

BUY 1.3135

SL 1.308

TP1 1.3235 TP2 1.327 TP3 1.3315

On the daily chart of GBP/USD, the pair may test the diagonal resistance (the upper boundary of the downward channel). If bulls succeed, the pair will reach the 1.327-1.3315 convergence and the "Double bottom" pattern will be implemented. 

gbpusd_d.png

On H1, after the pair reached the 88.6% target of the "Bat" pattern, a pullback happened. Usually, a break of 78.6% and 88.6% levels of the CD wave leads to the continuation of the upward movement. 

gbpusd_60.png

Similar

Levels to trade EUR/USD

EUR/USD has turned up from the 50-day MA at 1.1715 yesterday. This is a sign that buyers are strong. Still, the short-term resistance line limits the upside at 1.1870.

USD/JPY: target for selling

The resistance line is limiting USD/JPY on the upside and, unless the pair tries for a breakout (which anyway will meet resistance at 106.50 and 106.80), the easiest path for it will be to go down.

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