GBP/USD: bulls made a stop

GBP/USD: bulls made a stop

2019-11-11 • Updated

Recommendation:

BUY 1.357 SL 1.3515

TP 1.367, SELL 1.3465

SL 1.352 TP1 1.34 TP2 1.3325

On the daily chart, GBP/USD formed an inside bar. It points at the indecisiveness of market players. A break of the inside bar’s low together with the formation of “Three Indians” pattern will strengthen the risks of a pullback towards 1.34, 1.33 and 1.3265.

GBP1.png 

On H1, GBP/USD is consolidating in the 1.3465-1.3570 area in line with “Spike and ledge” pattern. A successful test of its upper border will open the way to the north. On the other hand, a break of support at 1.3465 will increase the risks of correction to 1.3400-1.3420 and 1.3300-1.3325.

GBP2.png

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