Narrowing bearish Ichimoku Cloud with rising Senkou Span A; a new golden cross of Tenkan-sen and Kijun-sen.
GBP/USD is dreaming of a correction
TP1 1.34 TP2 1.3445 TP3 1.3555
On the daily chart, GBP/USD is trying to correct with the help of a “Three Indians” pattern from the area of 88.6% of the “Double top”. The first attempt to overcome resistance at 23.6% of the last descending wave failed.
On H1, GBP/USD reached the interim target of “Wolfe waves” pattern. The pair’s currently consolidating in the 1.3220-1.3300 range. A break of its upper border will increase the odds of formation of “Crab” and “Shark” patterns.
Bearish Ichimoku Cloud with horizontal Senkou Span A and B; a weak golden cross of Tenkan-sen and Kijun-sen.
On the daily chart of USD/CHF, there was a rebound to the 23.6% level from the CD wave of the junior “Shark” pattern within its transformation to the 5-0 pattern.
The last "Pennant" pattern has been broken, so bulls found resistance at 1.2915. Nevertheless, the market is likely going to move on, so we should...
USD/CHF remains weak across the board and stays strong with a bearish consolidation below the 200 SMA at H1 chart…
There's no any reversal pattern so far, so the market is likely going to test the nearest resistance area in the short term...