GBP/USD: pound is flirting with Indians

GBP/USD: pound is flirting with Indians


SELL 1.34 SL 1.3455 TP 1.3325 TP2 1.322

BUY 1.356 SL 1.3505 TP1 1.356 TP2 1.375

On the daily chart, GBP/USD keeps forming “Three Indians” pattern. A successful test of support at 1.3400 will allow bears to develop correction. Never the less, pound is in the clear bullish trend, so targets of shorts should be moderate.


On H1, a repeated test of support at 1.34 will increase the odds of realization of 88.6% target of the “Shark” pattern. Return of the price to the middle of the 1.3465-1.3610 consolidation range will trigger “Shakeout-Fakeout” pattern and create grounds for resumption of the bullish trend.




GBP/USD: pound still supported by Cloud

Expanding bullish Ichimoku Cloud, but falling Senkou Span B(!); a golden cross of Tenkan-sen and Kijun-sen; the market supported by Cloud, but the Bulls can’t continue an existing 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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