GBP/USD: the pound is waiting for a rebound

GBP/USD: the pound is waiting for a rebound

Recommendations:

BUY 1.377 SL 1.3715 TP1 1.387 TP2 1.397 TP3 1.407

SELL 1.415 SL 1.4205 TP1 1.405 TP2 1.395 TP3 1.385

On the daily chart of GBP/USD, the pair reached targets of the “Shark” pattern.  Its 88.6% target matches the level of the diagonal support in the form of the upward channel’s bottom line. There is a possibility of a rebound and a recovery of the bullish trend from that level.

gbpusd_d.png

On H1, the “Broadening wedge” pattern was formed. A pullback to 38.2% and 50% levels from the 4-5 wave is used for selling, a break of the resistance at 78.6% and 88.6% is used for buying.

gbpusd_60.png

Similar

GBP/CAD is insatiable

GBP/CAD has broken above the ascending triangle, which is now providing support in the 1.7100/1.7060 area.

EUR/CAD is ready for a move

EUR/CAD has formed a couple of higher lows since October. The pair has managed to overcome the 50- and the 100-day MAs at 1.4588 and 1.4640 respectively.

Latest news

GBP/CAD is insatiable

GBP/CAD has broken above the ascending triangle, which is now providing support in the 1.7100/1.7060 area.

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