GBP/USD: bulls showed weakness

GBP/USD: bulls showed weakness

Recommendation:

SELL 1.2845

SL 1.29

TP1 1.2665

On the daily chart, GBP/USD keeps forming the shark pattern with the target at 113%. It is situated near 1.2767 (38.2% of the last descending wave). The inability of the bulls to return the quotes inside the medium-term uptrend channel points at their weakness. In such environment, it makes sense to sell the pound on rallies.

GBP1.png  

On H1, GBP/USD formed 2 areas where players accumulated short positions: 1.2950-1.3025 and 1.2845-1.2910. A retest of the lower border of the previous consolidation range will allow bears to continue the decline.

GBP2.png

gbp

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Narrowing bullish Ichimoku Cloud with falling Senkou Span A; a dead cross of Tenkan-sen and Kijun-sen with the falling lines

jpy

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