AUD/NZD experienced an impressive rally since the end of March.
GBP/USD: bears are pulling down
On the daily chart bears managed to lead the quotes out of the descending channel. This increases the risks of triggering "Bat" pattern with a target at 88.6%. The necessary condition of this scenario is the successful test of support at 1.2370. On the other hand, the pound's return above resistance at $1.2495 will increase the risks of uptrend resumption.
On H1, patterns "Bat' and AB=CD allow determining potential of the downward movement. Their targets are close to 1.2305 and 1.2160. The break of support at 1.2420 will increase the risks of a decline.
Recommendation: SELL 1,242 SL 1,2475 TP 1,2305.
The market is likely going to continue declining. The main intraday target is the next support at 1.1526 - 1.1508...
Bullish Ichimoku Cloud with horizontal Senkou Span A and B; a golden cross of Tenkan-sen and Kijun-sen with horizontal lines; the market is under strong resistance and prices entered into the channel Tenkan-Kijun.
AUD/CAD falling inside impulse waves 3 and (C) Next sell target - 0…