GBP/USD: pound is resuming the trend

GBP/USD: pound is resuming the trend

Recommendation:

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.

GBP.png 

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.

GBP2.png

gbp

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GBP/USD has been consolidating between 1.30 and 1.2770 for the past month. The pair met resistance at the resistance line connecting October and November highs.

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Latest news

GBP/USD: levels to trade

GBP/USD has been consolidating between 1.30 and 1.2770 for the past month. The pair met resistance at the resistance line connecting October and November highs.

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