GBP/USD: pound dreams of waves

GBP/USD: pound dreams of waves


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).


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.



Oil is in the arena

Oil is always the hottest topic. Other markets may be steady, however, the oil one never is.



Morning brief for May 30

 Growing concerns over Greek bailout, early elections in Italy and comments by the ECB President Mario Draghi about the need to maintain the bank’s extraordinary amount of monetary policy support…

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