The pair’s continuing the overall downtrend since October as it breached down the wedge earlier this month.
GBP/USD: bears set a trap
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.
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.
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...