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

gbp

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EUR/GBP: pound is chasing a bat

On the daily chart of EUR/GBP, bears managed to seize the initiative and brought the pair to the lower border of the medium-term consolidation range (0.8695-0.9015). If the pair triggers the “Bat” pattern, the odds of it going to its 88.6% target at 0.8635 will increase.

EUR/USD: bears hit the breaks

On the daily chart, EUR/USD reached an interim target at 78.6% of the “Bat”. The pair formed an inside bar. A break of its upper border will increase the odds of a break above the diagonal resistance and a trigger of the “Shark” pattern.

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