GBP/USD: bulls are preparing another test

GBP/USD: bulls are preparing another test


BUY 1.2935

SL 1.2880

TP1 1.3005 TP2 1.3035 TP3 1.3080

On the daily chart, GBP/USD keeps forming a “Spike and reversal with acceleration”. Bulls managed to push the prices above the trend line of the initial stage. To continue the advance, the pair needs to rise above 1.2935.

GBPUSD Daily.png 

On H1, buyers have the initiative. To continue the rally, they need to push the pair above 1.2935. If they succeed, the pattern AB=CD will be triggered. Its 200% target is at 1.3080.



How to trade EUR/GBP?

The way EUR/GBP bottomed around 0.8700, then rose above 0.8870 and jumped from the trendline support at 0.8910 shows that the pair possesses bullish momentum.

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