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

 

Similar

GBP/CAD is insatiable

GBP/CAD has broken above the ascending triangle, which is now providing support in the 1.7100/1.7060 area.

EUR/CAD is ready for a move

EUR/CAD has formed a couple of higher lows since October. The pair has managed to overcome the 50- and the 100-day MAs at 1.4588 and 1.4640 respectively.

Latest news

GBP/CAD is insatiable

GBP/CAD has broken above the ascending triangle, which is now providing support in the 1.7100/1.7060 area.

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