GBP/USD: picture turned negative

GBP/USD: picture turned negative

Recommendation:

SELL 1.3075

SL 1.3130

TP1 1.2925 TP2, 1.2860

On the daily chart, there was a combination of the senior and junior “3 Indians” patterns. As a result, the pair fell to support at 1.3120. To develop correction, bears will have to return the prices to the middle of the previous consolidation range (1.2930-1.3120). In this case, the pair will trigger “Spike and ledge” pattern. On the other hand, recoil from these levels to the downside will allow the bulls to return the initiative.

ПИЗ.png

On H1, if the prices break below support at 1.3105 and leave the uptrend channel, risks of a “Shark” pattern will increase.

ПИЗ2.png

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GBP/USD: confirmed "Thorn" pattern

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