GBP/USD: the pound is not afraid of waves

GBP/USD: the pound is not afraid of waves

Recommendation:

BUY 1.316

SL 1.3105

TP1 1.326 TP2 1.3435 TP3 1.35

On the daily chart of GBP/USD, the pair keeps reaching targets of the “Wolfe waves” pattern. To reach the 1.343 target, the pair needs to break the diagonal resistance (the upper boundary of the downward channel). At the same time, the rebound will give an initiative to bears.

gbpusd_d.png

On H1, there are senior and junior “Wolfe waves” patterns. Targets of both of them form the 1.332-1.334 convergence. To reach it, bulls need to break the resistance near 1.316.

gbpusd_60.png

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