GBP/USD: the British pound may recover

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.

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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.

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