GBP/USD: pound will continue downtrend
Bearish Ichimoku Cloud with horizontal Senkou Span A and B; a dead cross of Tenkan-sen and Kijun-sen with horizontal lines.
GBP/USD: pound is on the shelf
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.
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.
Ivan Karamazov
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