GBP/USD: pound is returning to life

GBP/USD: pound is returning to life

Recommendation:

BUY 1.3420

SL 1.3365

TP1 1.3520 TP2 1.3560 TP3 1.3615

On the daily chart, GBP/USD is pulling back towards 23.6%, 38.2% and 50% of the wave CD as the “Shark” is transforming into 5-0. Bulls are trying to return the pair inside the previous consolidation range of 1.3455-1.3615 and trigger “Shakeout-Fakeout” pattern.

GBP1.png 

On H1, GBP/USD reached the targets of “Three Indians” and 1-2-3. A break of resistance at 1.3420 will increase the risks of the formation of a “Crab” pattern. Its 161.8% target lies near 1.3560. 

GBP2.png

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The outlook for the GBP

The British pound has been enjoying itself versus the other major currencies during the past weeks. WIll the advance of the GBP continue?

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