Expanding bullish Ichimoku Cloud with rising Senkou Span A; a golden cross of Tenkan-sen and Kijun-sen, with rising lines; the prices are under strong resistance and the market is overbought.
GBP/USD: bears want to continue the feast
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%.
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.
Bearish Ichimoku Cloud with falling Senkou Span B; a dead cross of Tenkan-sen and Kijun-sen, but the lines are horizontal; the prices made a new lows, but the market is oversold and expected a correction to Tenkan-sen.
Recommendation: SELL 0…
Wave (v) of [i] has been ended on 8/8 MM Level, so it's time for a correction. The nearest target for wave [ii] is 6/8 MM Level...
Bulls faced with resistance at 1.2029, so the price is likely going to decline towards the nearest support area at 1.2003 - 1.1975...
Recommendation: BUY 1…