GBP/USD is choosing the way

GBP/USD is choosing the way


BUY 1.3 SL 1.2945 TP1 1.31 TP2 1.32 TP3 1.326

SELL 1.27 SL 1.2755 TP1 1.26 TP2 1.257 TP3 1.24

On the daily chart, GBP/USD is trying to consolidate after the April-August decline. The range of 1.27-1.30 is the most likely consolidation range. A break of its lower border will trigger AB=CD pattern with the target at 161.8%. On the other hand, a successful test of resistance at 1.3 will increase the odds of bullish trend resumption. 

GBPUSD daily.png 

On H1, if GBP/USD breaks support at 1.26, it will trigger a “Shark” pattern with a target at 88.6%. The further pullback is possible within its transformation into 5-0, so it’s rather dangerous to sell.

GBPUSD h1.png


How to trade EUR/GBP?

The way EUR/GBP bottomed around 0.8700, then rose above 0.8870 and jumped from the trendline support at 0.8910 shows that the pair possesses bullish momentum.

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