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.

GBP1.png

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.

GBP2.png

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