British pound breakout soon?
Great Britain released retail sales data on May 20, 9:00 GMT+3. The reading outperformed expectations greatly (+1.4% actual vs. -0.3% forecast).
GBP/USD: bears fulfilled their mission
2019-11-11 • Updated
Recommendation:
SELL 1.2940 SL 1.3005 TP 1.2730
SELL 1.3005 SL 1.3060 TP1 1.2850 TP2 1.2730
SELL 1.3055 SL 1.3110 TP1 1.2925 TP2 1.285 TP3 1.2730
On the daily chart, GBP/USD reached 88.6% target of Shark pattern and reached the lower border of the uptrend channel. This increases the risks of correction towards 23.6%, 38.2% and 50% of the wave CD within the transformation of the “Shark” into 5-0.
On H1, GBP/USD formed a “Widening wedge” and a “Shark”. Correction movement towards 1.2940, 1.3005 and 1.3055 may be used for selling.
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