GBP/USD: the pound is moving down

GBP/USD: the pound is moving down

Recommendation:

SELL 1.267 SL 1.2725 TP1 1.257 TP2 1.24 TP3 1.22, BUY 1.24 SL 1.2345 TP1 1.25 TP2 1.26 TP3 1.267

On the daily chart of GBP/USD, bears managed to break the support at 1.27 and move the pair out of the triangle. As a result, the risks of the further fall towards the 161.8% target of the AB=CD pattern increased.

1.png

On H1, the pair is moving towards the 161.8% target of the AB=CD pattern. The level of the “Three Indians” pattern is situated nearby, which increases a possibility of the rebound.  If the rebound does not happen, the pound will continue to fall.

2.png

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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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