GBP/USD: the GBP is weak

GBP/USD: the GBP is weak

2019-11-11 • Updated

Recommendation:

SELL 1.294

SL 1.2995

TP1 1.284 TP2 1.28 TP3 1.2735

On the daily chart of GBP/USD, the pair reached targets of senior and junior 1-2-3 patterns, as a result, the pair came back to the downward channel. A break of the support at 1.2225-1.224 will increase risks of the sharp decline to the  88.6% target of the “Bat” pattern.

gbpusd_d.png

On H1, the 88.6% target of the “Bat” pattern stopped bears. However, bulls couldn’t pull the pair back to the upward channel. It signals their weakness.

gbpusd_60.png

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