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).
GBP/USD: the British pound may recover
2019-11-11 • Updated
Recommendation: BUY 1.2795 SL 1.274 TP1 1.2895 TP2 1.291 TP3 1.3065, SELL 1.265 SL 1.2705 TP1 1.257 TP2 1.247 TP3 1.226
On the daily chart of GBP/USD, the 88.6% target of the “Bat” pattern was reached. This situation increases risks of the rebound. On the other hand, a break of the August minimum near 1.2650 level will activate the AB=CD pattern with the 161.8% target.
On H1 of GBP/USD, a break of the diagonal resistance could signal the correction towards 38.2%, 50%, 61.8% from CD wave of the “Bat” pattern. If it happens, the price for the pair can go out of the downward channel.
Last week brought a selloff in markets. Some assets reached the most crucial support levels and are likely to reverse in a short term. Be ahead of trends and make the most out of this week!
This article will analyze the possible scenarios for the EU, and what's more important, look at the charts. There is a lot to see, let's go!
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