GBP/USD: the pound is waiting for a rebound

GBP/USD: the pound is waiting for a rebound


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.


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.



EUR/GBP: pound is chasing a bat

On the daily chart of EUR/GBP, bears managed to seize the initiative and brought the pair to the lower border of the medium-term consolidation range (0.8695-0.9015). If the pair triggers the “Bat” pattern, the odds of it going to its 88.6% target at 0.8635 will increase.

EUR/USD: bears hit the breaks

On the daily chart, EUR/USD reached an interim target at 78.6% of the “Bat”. The pair formed an inside bar. A break of its upper border will increase the odds of a break above the diagonal resistance and a trigger of the “Shark” pattern.


Morning brief for May 30

 Growing concerns over Greek bailout, early elections in Italy and comments by the ECB President Mario Draghi about the need to maintain the bank’s extraordinary amount of monetary policy support…

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