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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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...

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