GBP/USD: pound drew the inner bar

GBP/USD: pound drew the inner bar

2019-11-11 • Updated

On the GBP/USD daily chart, there is a consolidation after a sudden rebound. After a bar with a wide range, two inner bars were formed. These are the boundaries of the trading range of 1.277-1.286. A breakout of the support will increase the risks of the correction towards 1.272 and 1.259. A successful test of the resistance will lead to the continuation of the rally.

On the GBP/USD hourly chart, the "Splash and ledge" pattern and triangle were formed. A breakout of the borders of the triangle and exit of quotes from the consolidation range of 1.277-1.285 will allow us to determine a further movement of the pair. 

Recommendations:

SELL 1,277 SL 1,2825 TP 1,26,

BUY 1,285 SL 1,2795 TP 1,305. 

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