GBP/USD: pound is gaining strength

GBP/USD: pound is gaining strength

Recommendation:

BUY 1.3215

SL 1.3160

TP1 1.3295 TP2 1.3430 TP3 1.3500

On the daily chart, GBP/USD bulls are trying to lead the pair out of the descending channel, push it above resistance at 1.3215 and move higher towards the target of “Wolfe waves”. Bears, on the contrary, aim to keep GBP/USD inside the channel and renew July low in order to resume the decline.

GBPUSD1.png 

On H1 of GBP/USD, buyers have a chance to finish the formation of the “Broadening wedge” on the basis of “Three Indians”. To begin with they will need to trigger AB=CD pattern.

GBPUSD2.png

 

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