GBP/USD: pound is cramped in range

GBP/USD: pound is cramped in range

Recommendation:

BUY 1.4070 SL 1.4015 TP1 1.4170 TP2 1.4225 TP2 1.4240

BUY 1.3915 SL 1.3860 TP1 1.4015 TP2 1.4100 TP3 1.4225

On the daily chart, GBP/USD «bulls managed to lead the pair outside of the downtrend channel and trigger the “Bat”. Its 88.6% target is at 1.41. After that, the rally may continue towards 88.6% target of the “Shark”.

GBP1.png 

On H1, the “Wolfe waves” pattern was activated with a target at 1.4240-1.4245. To continue the rally, bulls need to overcome resistance at 1.4070.

GBP2.png

gbp

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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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