GBP/USD: pound is suffering

GBP/USD: pound is suffering

2019-11-11 • Updated


SELL 1.2730

SL 1.2785

TP1 1.2630 TP2 1.2570 TP3 1.2080

On the daily chart, GBP/USD is forming a “Spike and reversal with acceleration”. Bears are dominating at the market. As long as the pair is below the trend line of the initial stage at 1.2920, it’s recommended to sell the pound on the recoveries.

GBPUSD daily.png  

On H1, GBP/USD bears reached targets of the “Shakout-Fakout” pattern. If the pair returns to the middle of the 1.2730-1.2790 consolidation range, it will be time to sell. There’s also reason to use the retest of resistance at 1.2730 for selling.

GBPUSD h1.png


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The pandemic continues hurting economic activity in China, the war in Ukraine is hitting the entire European economy, and the Fed's efforts to control inflation threaten to trigger a recession. 

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British pound breakout soon?

Great Britain released retail sales data on May 20, 9:00 GMT+3. The reading outperformed expectations greatly (+1.4% actual vs. -0.3% forecast).

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