GBP/USD: pound is resuming the trend

GBP/USD: pound is resuming the trend


BUY 1.4245

SL 1.4190

TP1 1.4350 TP2 1.4450 TP3 1.450

On the daily chart, GBP/USD keeps forming 5-0, “Shark” and AB=CD. A pullback to 50% of the wave CD of 5-0 pattern allowed to form long positions with targets at 113% and 127.2% of the “Shark” and AB=CD. To continue the rally, the pound needs to overcome resistance at 1.4250.


On H1, there are “Wolfe waves” and “Crab” patterns. The interim target is located at 127.2% of the latter at 1.45. The 200% target of AB=CD is also nearby.




How to trade EUR/GBP?

The way EUR/GBP bottomed around 0.8700, then rose above 0.8870 and jumped from the trendline support at 0.8910 shows that the pair possesses bullish momentum.

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