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

Similar

USD/JPY: dollar is overbought

Expanding bullish Ichimoku Cloud with rising Senkou Span A; a golden cross of Tenkan-sen and Kijun-sen; the prices are under the strong resistance near 113.50/60 and the market is overbought.

GBP/USD: pound returned to Cloud

Bearish Ichimoku Cloud, rising Senkou Span A; a cancelled golden cross of Tenkan-sen and Kijun-sen, but the lines are horizontal; the prices in a cloudy area but there is a strong support on 1.3380.

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