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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