GBP/USD: pound dreams of waves

GBP/USD: pound dreams of waves

Recommendations:

BUY 1,291 SL 1,2855 TP1 1,291 TP2 1,294,

SELL 1,264 SL 1,2695 TP1 1,251, TP2 1,245.

On the GBP/USD daily chart, there is consolidation in the trading range of 1.264 - 1.28. If quotes move beyond the upper border of the range, the Wolfe Waves pattern will be realized. In contrast, a break of the support at 1.264 should activate the AB = CD pattern with a target 200% (1.245).

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On the GBP/USD hourly chart, the Bears' failure to return quotes to the borders of the triangle will indicate their weakness. In contrast, a successful test of the resistance at 1.281 may result in the pullback of quotes towards 1.291 and 1.294.

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