GBP/USD: bears created a trap

GBP/USD: bears created a trap

Recommendation:

SELL 1.332 SL 1.3375 TP 1.321 TP2 1.3105

SELL 1.338 SL 1.3435 TP1 1.328 TP2 1.321

On the daily chart, after GBP/USD formed AB=CD and “Three Indians” patterns, there was a pullback. Bulls are currently trying to return in the game and resume the uptrend. For a start, they have to overcome 1.3290.

GBP1.png 

On H1, GBP/USD reached 88.6% target of the “Shark” pattern. After this, the “Shark” started transforming into 5-0. Pullbacks towards 23.6%, 38.2% and 50% of the wave CD, as usual, are used for forming short positions.

GBP2.png

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