GBP/USD: pound is on the shelf

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.

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

gbp

Similar

NZD/USD can get even higher

On the daily chart, bulls managed to lead NZD/USD outside of the downtrend channel. They are ready to trigger the “Shark” with 88.6% and 113% targets.

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...

gbp

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