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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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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