GBP/USD: pound is getting ready for an attack

GBP/USD: pound is getting ready for an attack

2019-11-11 • Updated

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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