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GBP/USD: pound is a bit cramped on the ledge
2019-11-11 • Updated
On the GBP/USD daily chart, the realization of "Splash and ledge" pattern on the basis of 1-2-3 continues. If quotes go beyond the consolidation range 1.237-1.258 it will be a signal for the opening positions. Resistances at 1.256-1.2575 corresponds to the upper boundary of the triangle. The breakout will increase the risk of continuation of the rally towards 1.273 and 1.277.
On the GBP/USD hourly chart, an expanding wedge pattern can be formed. For this to happen, bears need to return quotes to 1.236. A successful test of the support at 1.2495 can lead to the development of consolidation followed by the move of quotes to downsides.
SELL 1,2495 SL 1,255 TP 1,236,
BUY 1,2575 SL 1,252 TP 1,273.
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