GBP/USD: bulls retreat, but don't give up

GBP/USD: bulls retreat, but don't give up

Recommendation:

BUY 1.3430

SL 1.3375

TP1 1.3530 TP2 1.3585

On the daily chart, GBP/USD is retesting the upper border of the previous consolidation range 1.3040-1.3320. In case of successful break of support at 1.3290-1.3320, bears will have an opportunity to trigger “Shakeout-Fakeout” pattern. To resume the uptrend, bulls need to conquer resistance at 1.3520 and 1.3585.

GBP1.png 

On H1, GBP/USD has almost reached 78.6% target of the “Gartley” pattern. A pullback of support at 1.3295 with the following return inside the uptrend channel will allow bulls to develop their attack.

GBP2.png

gbp

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