GBP/USD: bulls return to the game

GBP/USD: bulls return to the game

Recommendation:

SELL 1.296

SL 1.3015

TP1 1.2835 TP2 1.2775

On the daily chart, GBP/USD returned inside the long-term bullish channel. This points at buyers’ strength. Bears can regain the initiative only if the pair slide below $1.2962. A break of this support will increase the risks of triggering “Head and shoulders” pattern.

GBP1.png 

On H1, GBP/USD keeps forming the 5-0 pattern. Conservative approach suggests opening short positions as the pair returns to the previous correction level (38.2%) of the wave CD.

GBP2.png

gbp

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USD/TRY has moved sharply down this week falling to the support line since the end of November.

Trade ideas for gold

The downside correction is long due in XAU/USD. Gold is stuck ahead of resistance at 1298.50.

Latest news

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...

gbp

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