GBP/USD: the GBP is weak

GBP/USD: the GBP is weak


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.


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.



How to trade EUR/GBP?

The way EUR/GBP bottomed around 0.8700, then rose above 0.8870 and jumped from the trendline support at 0.8910 shows that the pair possesses bullish momentum.

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