GBP/USD: pound is afraid of a “Shark”

GBP/USD: pound is afraid of a “Shark”

Recommendation:

SELL 1.3340

SL 1.3395

TP1 1.3255 TP2 1.324 TP3 1.3225

On the daily chart of GBP/USD, the “Double top” is transforming into 5-0. The inability of bulls to get above resistance at 23.6% of the wave CD and return to the 1.3455-1.3615 consolidation range points at their weakness. To develop correction to the long-term uptrend, bears need to renew May low.

GBP1.png 

On H1 of GBP/USD, a decline below support at 1.3340 will increase the risks of a “Shark” pattern with a target of 88.6% near 1.3225.

GBP2.png

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The outlook for the GBP

The British pound has been enjoying itself versus the other major currencies during the past weeks. WIll the advance of the GBP continue?

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