GBP/USD: pound is at a stalemate

GBP/USD: pound is at a stalemate

BUY 1.2925

SL 1.287

TP1 1.3030, TP2 1.3200.

On the GBP/USD daily chart, the pound is in a stalemate: bulls cannot return the quotes to the borders of the near-term upward channel, while bears cannot return quotes to the borders of the short-term downward channel. We will find out the further destination of the pair after the workout of the triangle pattern.


On the GBP/USD hourly chart, the failure of bears to keep the pound below the level of 1.2855 is a signal of their weakness. A break of the diagonal resistance at 1.2925 (the upper border of the downward trading channel) will increase the risks of the restoration of the uptrend.




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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