USD/CAD has made an immense move to the downside on Tuesday falling by about 200 pips.
GBP/USD: the British pound may recover
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 NZD/USD once again met resistance in the 0.6155 area. As you can see from the chart, this area stopped the pair twice before within the recent month.
It’s worth paying attention to AUD/JPY. The pair has approached the resistance line connecting April and May highs.
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