GBP/USD: a possibility to buy the GBP

GBP/USD: a possibility to buy the GBP


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.


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.



How to trade EUR/GBP?

The way EUR/GBP bottomed around 0.8700, then rose above 0.8870 and jumped from the trendline support at 0.8910 shows that the pair possesses bullish momentum.

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