GBP/USD has been consolidating between 1.30 and 1.2770 for the past month. The pair met resistance at the resistance line connecting October and November highs.
GBP/USD: the pound recovers
BUY 1.27 SL 1.2645 TP1 1.28 TP2 1.3065 TP3 1.3315
On the daily chart of GBP/USD, bulls try to push the pair back to the triangle's borders and the previous consolidation range between 1.27 and 1.33. If they succeed, the "Wolfe Waves" and "Fakeout-Shakeout" patterns will be implemented. As a result, the odds of the end of the downward trend will increase.
On H1, if the resistance at 1.27 is broken again, the pair will rise towards the 88.6% target of the "Bat" pattern. The combination of the "Three Indians" and 1-2-3 patterns shows the British pound is strong enough to break the downward trend.
AUD/JPY has reached the support line connecting August and October lows in the 73.30 area. What's next?
After forming a “hammer” candlestick on the D1 on Tuesday, XAU/USD rose to $1,467 and consolidated between this level and $1,461.
The USD started the day dropping against the Canadian dollar, now on a bullish reversal.