GBP/USD: the pound is moving down

GBP/USD: the pound is moving down


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.


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.



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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