Expanding bearish Ichimoku Cloud with falling Senkou Span A; a dead cross of Tenkan-sen and Kijun-sen; the market made new lows, but there is a strong support on 111.00.
GBP/USD remembered the triangle
SELL 1.3000, SL 1.3055, TP 1.2900
BUY 1.3125 SL 1.3070 TP1 1.3300 TP2 1.3500
On the daily chart, bears are trying to return GBP/USD inside the rising triangle. If they succeed, the possibility of the medium-term consolidation in the 1.2600-1.3000 will increase. On the contrary, rebound from the current support will increase the risks of continuation to the upside, towards 200% target of AB=CD.
On H1, decline below 1.3000 will create the basis for correction to 1.2920 and 1.2900. For the uptrend to resume, the pair has to rise to July high.
Narrowing bearish Ichimoku Cloud with rising Senkou Span A; a new golden cross of Tenkan-sen and Kijun-sen, rising Tenkan-sen; the prices are entered into the Cloud.
Recommendation: BUY 111…
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