GBP/USD: pound is reaching targets

GBP/USD: pound is reaching targets

2019-11-11 • Updated

Recommendation:

BUY 1.3935

SL 1.388

TP1 1.405 TP2 1.415 TP3 1.425

On the daily chart, GBP/USD is trading in an uptrend. The pair reached 161.8% of the AB=CD pattern. This increases the possibility of a pullback. On the other hand, a successful test of resistance at 1.4050 will allow talking about the continuation towards the convergence area of 1.4250-1.2495.

GBP1.png  

On H1, there’s a “Spike and reversal with acceleration pattern”. A break of support at 1.3935 will create grounds for correction to 1.3815 and 1.3745. At these levels, buyers will become more active.

GBP2.png

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