The pair’s continuing the overall downtrend since October as it breached down the wedge earlier this month.
GBP/USD: bears hold the line
SELL 1,297 SL 1,3025 TP1 1,286 TP2 1,278,
SELL 1,299 SL 1,3035 TP1 1,286 TP2 1,278.
On the GBP/USD daily chart, quotes are moving within the borders of the upward trading channel. A break of its lower border might lead to the return of the pound to the previous consolidation range of 1,277-1,286. In contrast, the update of the May high will allow the bulls to fulfill 161.8% target of the AB = CD pattern.
On the GBP/USD hourly chart, there is a transformation of the daughter "Shark" pattern into 5-0. If the bears manage to hold the resistances at 1.297 and 1.299, the subsequent breakout of the lower border of the upward trading channel may lead to the realization of parent "Shark" pattern.
USD/SGD has rebounded from the 50-week MA (1.3520) and is now retracing November-January decline.
If this week the Aussie closes in the negative area, it will continue towards the lower levels in line with the long-term downtrend.
The last "Pennant" pattern has been broken, so bulls found resistance at 1.2915. Nevertheless, the market is likely going to move on, so we should...
USD/CHF remains weak across the board and stays strong with a bearish consolidation below the 200 SMA at H1 chart…
There's no any reversal pattern so far, so the market is likely going to test the nearest resistance area in the short term...