GBP/USD: the pound is moving down
On the daily chart of GBP/USD, bears managed to break the support at 1.27 and move the pair out of the triangle.
GBP/USD got stuck at the border
Recommendations:
BUY 1.3120 SL 1.3065 TP1 1.3250 TP2 1.3500
SELL 1.2930 SL 1.2985 TP 1.2810
On the daily chart, there are medium- and long-term trading channels. If GBP/USD rises to June high, it will be able to continue rising towards 200% target of AB=CD pattern. On the other hand, a break below diagonal support and 1.2930 will increase the risks of correction towards the lower border of the medium-term channel.
On H1, bulls are in control. Never the less, decline below the psychological level of 1.3000 may change everything.
Ivan Karamazov
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