GBP/USD: pound is counterattacking

GBP/USD: pound is counterattacking

Recommendation: BUY 1.3255 SL 1.32 TP1 1.3355 TP2 1.3455 TP3 1.3615

On the daily chart of GBP/USD, bulls are trying to resume the uptrend with the help of the corrective “Three Indians” pattern. To begin with, they need to settle above the upper border of the downtrend channel and push the pair above resistance at 1.3255.

GBPUSD D1.png 

On H1, GBP/USD is forming “Wolfe waves” and “Crab” patterns. A break of resistance at 1.3250-1.3255 will increase the odds of a “Shark” pattern with a target of 88.6%. It allows distinguishing the 1.3430-1.3440 convergence area.

GBPUSD H1.png

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GBP/USD: confirmed "Thorn" pattern

The last "Pennant" pattern has been broken, so bulls found resistance at 1.2915. Nevertheless, the market is likely going to move on, so we should...

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