GBP/USD: pound is making wedges

GBP/USD: pound is making wedges

2019-11-11 • Updated

Recommendation:

SELL 1.3105

SL 1.3160 TP1 1.2890

TP2 1.2710

On the daily chart, GBP/USD is consolidating between 1.3045 and 1.3320. A break of its upper border will create grounds for the pound’s increase to 1.3415 and 1.3520. On the other hand, successful test of support at 1.3045 will increase the risks of the pair going to 200% target of AB=CD.

GBP1.png  

On H1, after forming “Wolfe waves” USD/CHF formed a “Widening wedge”. As usual, the pair’s advance above 88.6% of the wave 4-5 is used for buying, while the fall below 23.6% is used for selling.

GBP2.png

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