GBP/USD: bears set a trap

GBP/USD: bears set a trap

Recommendations:

SELL 1.296 SL 1.3015 TP1 1.2845 TP2 1.278

SELL 1.3020 SL 1.3075 TP1 1.2915 TP2 1.2845

On the daily chart, bulls are making jumbo efforts to return the pair inside the long-term bullish channel. Never the less, their inability to overcome resistance at 1.2962 (38.2% of the wave CD of the 5-0 pattern) and formation of pin bar points at buyers’ weakness.

GBP1.png 

On H1, the “Shark” pattern is transforming into 5-0. The pullbacks to 38.2%, 50% and 61.8% of the wave CD may be used for opening short positions.

GBP2.png

gbp

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EUR/USD: euro hung on Tenkan-Kijun

Narrowing bearish Ichimoku Cloud with rising Senkou Span A; a dead cross of Tenkan-sen and Kijun-sen, but rising Tenkan-sen; the bulls could breakout the Kijun’s resistance.

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