GBP/USD: bulls met resistance

GBP/USD: bulls met resistance

Recommendation:

BUY 1.3295 SL 1.324 TP1 1.3395 TP2 1.3455 TP3 1.3615

SELL 1.31 SL 1.3 TP2 1.295 TP3 1.29

On the daily chart, the first attempt of GBP/USD to break above the downtrend channel failed. Bears want to trigger AB=CD for the second time with a target at 200% (1.29). To begin with, sellers need to pull the pair below June low.

GBPUSD1.png 

On H1, a pullback of GBP/USD towards 50% of the wave CD takes place in line with the transformation of the “Shark” pattern into 5-0. The pair formed a “Bat” pattern with a target at 88.6%.

GBPUSD2.png

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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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