GBP/USD: pound stays on the shelf

GBP/USD: pound stays on the shelf

Recommendation:

BUY 1.3085

SL 1.3030

TP1 1.3200 TP2 1.3300 TP3 1.3550

On the daily chart, bulls are trying to bring GBP/USD outside of the 1.2785-1.3050 consolidation range. It was formed in line with a “Spike and ledge”. If a break of resistance at 1.3050 is a success, the odds of the pair reaching 161.8% target of AB=CD will increase.

GBPUSD D1.png 

On H1, bulls aim to bring GBP/USD outside of the downtrend channel. If they push the prices above September high at 1.3085, it will open the way for an advance to 161.8% of AB=CD and “Crab”.

GBPUSD H1.png

Similar

Levels to trade EUR/USD

EUR/USD has turned up from the 50-day MA at 1.1715 yesterday. This is a sign that buyers are strong. Still, the short-term resistance line limits the upside at 1.1870.

USD/JPY: target for selling

The resistance line is limiting USD/JPY on the upside and, unless the pair tries for a breakout (which anyway will meet resistance at 106.50 and 106.80), the easiest path for it will be to go down.

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