GBP/USD: pound took a break

GBP/USD: pound took a break

On the daily chart, the realization of the Wolfe Waves pattern continues. The first target at 1.303 has already been reached, but bulls are not going to stop at this point. To restore the uptrend, they need to rise above May high.


On the hourly chart, GBP/USD has realized the Expanding Wedge pattern and reached 113% target of the Shark pattern. The risks of correction from current levels have increased. Bulls still keep the pair under control, so rollbacks towards 23.6% and 38.2% levels of the CD wave can be used for opening long positions.



GBP/USD: market waiting for the Bulls

Bullish Ichimoku Cloud with horizontal Senkou Span A and B; a cancelled golden cross of Tenkan-sen and Kijun-sen, the lines are horizontal; the market is still on the support of the Cloud.



Morning brief for May 30

 Growing concerns over Greek bailout, early elections in Italy and comments by the ECB President Mario Draghi about the need to maintain the bank’s extraordinary amount of monetary policy support…

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