GBP/USD: a possibility to buy the GBP

GBP/USD: a possibility to buy the GBP

Recommendation:

BUY 1.32

SL 1.3145

TP1 1.3295 TP2 1.3395 TP3 1.3515

On the daily chart of GBP/USD, bears couldn’t pull the pair out of the upward channel and break below 1.3065. It became a signal of their weakness.  Bulls are counterattacking and are going to break above the upper boundary of the downward channel with the following implementation of the AB=CD pattern with the 161.8% target.

gbpusd_d.png

On H1, the pair keeps reaching targets of the “Wolfe waves” pattern. A break of the resistance at 1.32 will let bulls move to targets of the “Wolfe waves” pattern and to 127.2% target of the AB=CD pattern.

gbpusd_60.png

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After forming a “hammer” candlestick on the D1 on Tuesday, XAU/USD rose to $1,467 and consolidated between this level and $1,461.

EUR/CHF looks ill

This week EUR/CHF broke below the 100- and 50-day MAs at 1.0966 and 1.0954 respectively.

Latest news

XAU/USD: an attempt to recover

After forming a “hammer” candlestick on the D1 on Tuesday, XAU/USD rose to $1,467 and consolidated between this level and $1,461.

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