GBP/USD: pound is getting ready for an attack

GBP/USD: pound is getting ready for an attack

Recommendation:

BUY 1.2975

SL 1.2920

TP1 1.3035 TP2 1.3070 TP3 1.3105

On the daily chart, GBP/USD keeps forming a “Shark” pattern. The pair got close to its 113% target near 1.2855. The pair may also form a “Three Indians” pattern. This makes it more likely that the correction to the long-term uptrend will end.

GBPUSD daily.png 

On H1, GBP/USD reached 113% target of the “Shark”. If it breaks above resistance at 1.2975, the odds of a pullback to 38.2% and 50% in line with the transformation of a “Shark” into 5-0 will increase.

GBPUSD h1.png

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Last week XAU/USD recovered 38.2% of the November decline. However, the advance of gold was limited by the declining 50-period MA on the H4.

Latest news

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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