Sell USD/CAD on recoveries
Pullbacks towards 23.6%, 38.2%, and 50% of the wave 4-5 can be used for selling with 161.8% target of AB=CD.
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.
On H1, if the prices break below support at 1.3105 and leave the uptrend channel, risks of a “Shark” pattern will increase.
Ivan Karamazov
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