GBP/USD: pound is on the shelf

GBP/USD: pound is on the shelf

2019-11-11 • Updated

Recommendations:

BUY 1.3580 SL 1.3525 TP1 1.368 TP2 1.381

SELL 1.3510 SL 1.3565 TP1 1.341 TP2 1.332

On the daily chart, there’s a short-term consolidation of GBP/USD in the 1.3490-1.3580 range. Bears are trying to return the pair inside the descending trend channel. Bulls count on continuation towards 127.2% target of AB=CD.

GBP1.png  

On H1, there’s a “Spike and ledge” pattern. The borders of the ledge are close to 1.3510 and 1.3580. A successful test of the upper level will lead to the uptrend’s resumption. A break of the lower border will increase the risks of a pullback.

GBP2.png

Similar

British pound breakout soon?
British pound breakout soon?

Great Britain released retail sales data on May 20, 9:00 GMT+3. The reading outperformed expectations greatly (+1.4% actual vs. -0.3% forecast).

What to trade on May 16-20?
What to trade on May 16-20?

Last week brought a selloff in markets. Some assets reached the most crucial support levels and are likely to reverse in a short term. Be ahead of trends and make the most out of this week!

The New Era for the Euro
The New Era for the Euro

This article will analyze the possible scenarios for the EU, and what's more important, look at the charts. There is a lot to see, let's go!

Latest news

What To Trade On May 23 - 27?
What To Trade On May 23 - 27?

Last week blew traders' minds!  The US dollar dropped for the first time in seven weeks after Jerome Powell's speech on Tuesday…

Can a recession be avoided? 
Can a recession be avoided? 

The pandemic continues hurting economic activity in China, the war in Ukraine is hitting the entire European economy, and the Fed's efforts to control inflation threaten to trigger a recession. 

Deposit with your local payment systems

Be on top of your game

Data collection notice

FBS maintains a record of your data to run this website. By pressing the “Accept” button, you agree to our Privacy policy.

Callback

A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Next callback request for this phone number
will be available in

If you have an urgent issue please contact us via
Live chat

Internal error. Please try again later

Don’t waste your time – keep track of how NFP affects the US dollar and profit!

Beginner Forex book

Beginner Forex book will guide you through the world of trading.

Beginner Forex book

The most important things to start trading
Enter your e-mail, and we will send you a free Beginner Forex book

Thank you!

We've emailed a special link to your e-mail.
Click the link to confirm your address and get Beginner Forex book for free.

You are using an older version of your browser.

Update it to the latest version or try another one for a safer, more comfortable and productive trading experience.

Safari Chrome Firefox Opera