GBP/USD is like a phoenix

GBP/USD is like a phoenix

Recommendation:

BUY 1.2960

SL 1.2905

TP1 1.3060 TP2 1.3090 TP3 1.3150

Like a phoenix, the British pound is rising from the ashes. On the daily chart, GBP/USD keeps forming a “Spike and reversal with acceleration”. Buyers managed to push the pound above then trend line of the spike. Now they are ready to retest the trend line of the initial stage. If they succeed, the odds of a “Shark” pattern with 88.6% will increase.

GBPUSD daily.png 

On H1, bulls failed at the first attempt to get through the 1.2925-1.2937 convergence area. To continue the rally, GBP/USD needs to rise above resistance at 1.2960.

GBPUSD H1.png

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GBP/USD: levels to trade

GBP/USD has been consolidating between 1.30 and 1.2770 for the past month. The pair met resistance at the resistance line connecting October and November highs.

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.

Latest news

GBP/USD: levels to trade

GBP/USD has been consolidating between 1.30 and 1.2770 for the past month. The pair met resistance at the resistance line connecting October and November highs.

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