GBP/USD: bears want to continue the feast

GBP/USD: bears want to continue the feast

Recommendation:

SELL 1.3100

SL 1.3155

TP1 1.3 TP2 1.271

On the daily chart, inability of bulls to keep GBP/USD above 1.3175 points at their weakness. Bears are regaining the initiative and are ready to attack the lower border of the uptrend channel and trigger AB=CD pattern with the target at 200%.

GBP1.png 

On H1, the formation of the “Widening wedge” will allow expecting the pair to reach 113% target of a “Shark” pattern. To do this bears need a successful test of support levels at 78.6% and 88.6% of the wave 4-5.

GBP2.png

Similar

NZD/USD can get even higher

On the daily chart, bulls managed to lead NZD/USD outside of the downtrend channel. They are ready to trigger the “Shark” with 88.6% and 113% targets.

Latest news

GBP/USD: confirmed "Thorn" pattern

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...

gbp

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