GBP/USD: pound is losing ground

GBP/USD: pound is losing ground

Recommendation:

SELL 1.3850

SL 1.3905

TP1 1.375 TP2 1.3645 TP3 1.358

On the daily chart, GBP/USD is consolidating in the 1.3820-1.4050 range within the “Spike and ledge” pattern on the basis of 1-2-3. A break of its lower border will allow bears to continue correction towards 88.6% of the “Bat”. On the other hand, advance above resistance at 1.4050 will lead to the uptrend’s resumption.

GBP1.png 

On H1, GBP/USD after forming “Wofle waves” and a pullback from the upper border of the downtrend channel bears are ready to continue the decline.

GBP2.png

gbp

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Expanding bullish Ichimoku Cloud with rising Senkou Span A; a golden cross of Tenkan-sen and Kijun-sen but narrow channel Tenkan-Kijun.

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Latest news

GBP/USD: confirmed "Thorn" pattern

The last "Pennant" pattern has been broken, so bulls found resistance at 1.2915. Nevertheless, the market is likely going to move on, so we should...

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