GBP/USD: pound goes south

GBP/USD: pound goes south

2019-11-11 • Updated

Recommendation:

SELL 1.4080 SL 1.4135 TP1 1.3980 TP2 1.3845 TP3 1.3690

SELL 1.3935 SL 1.3990 TP1 1.3845 TP2 1.3690 TP3 1.3555

On the daily chart of GBP/USD, the inability of bulls to settle above an important level of 1.4050 points at their weakness. A successful test of the lower border of the short-term uptrend channel will increase the risks of the pair going to 88.6% target of the “Bat”. 

GBP1.png  

On H1, GBP/USD has reached the target of the “Wolfe waves” pattern. A break of support at 1.3935 or the recoil down from the upper border of the descending channel will open the way down for bears.

GBP2.png

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