GBP/USD: pound is cramped in the corridor

GBP/USD: pound is cramped in the corridor


BUY 1.3295

SL 1.3240

TP1 1.3415 TP2 1.352 TP3 1.3585

On The daily chart, GBP/USD approached the upper border of the 1.3045-1.3320 range, formed within “Spike and ledge” pattern. A successful test of resistance at 1.3320 will increase the risks of growth towards 1.3520 and 1.3585 with the following resumption of an uptrend.


On H1, GBP/USD reached the targets of the junior “Widening wedge”. A pullback to 38.2% of the wave 4-5 with the following return to 23.6% is usually used for buying. The test of resistance at 1.3295 will allow increasing longs. 





Latest news

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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