GBP/USD: GBP is weak again

GBP/USD: GBP is weak again

Recommendation:

SELL 1.27

SL 1.2755

TP1 1.26 TP2 1.24 TP3 1.227

On the daily chart of GBP/USD, bears managed to pull the pair to the bottom line of the triangle. A successful break of the support at 1.27 will lead the pair to the 161.8% target of the AB=CD pattern. Vice versa,  a rebound will return the pair to the upper boundary of the downward channel. 

gbpusd_d.png

On H1, the pair keeps reaching targets of the "Crab" pattern. Its 161.8% target is at 1.227. In case of the breakthrough of the support at 1.27,  the AB=CD pattern with the 161.8% target will be implemented.

gbpusd_60.png

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After forming a “hammer” candlestick on the D1 on Tuesday, XAU/USD rose to $1,467 and consolidated between this level and $1,461.

EUR/CHF looks ill

This week EUR/CHF broke below the 100- and 50-day MAs at 1.0966 and 1.0954 respectively.

Latest news

XAU/USD: an attempt to recover

After forming a “hammer” candlestick on the D1 on Tuesday, XAU/USD rose to $1,467 and consolidated between this level and $1,461.

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