GBP/USD got confused in wedges

GBP/USD got confused in wedges

2019-11-11 • Updated

Recommendation:

BUY 1.3295 SL 1.324 TP 1.3415 TP2 1.352

SELL 1.3045 SL 1.31 TP1 1.289 TP2 1.2715

On the daily chart, GBP/USD keeps consolidating in 1.3045-1.3320 range. A successful test of its lower border will open bears way down to 200% target of AB=CD. On the other hand, a rise above 1.3320 will increase the risks of uptrend’s resumption.

GBP1.png  

On H1, there’s the senior widening wedge pattern. Taking into account increased volatility in November and formation of the junior pattern, play it on the breaks of resistance at 1.3295 and support at 1.3045.

GBP2.png

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