Great Britain released retail sales data on May 20, 9:00 GMT+3. The reading outperformed expectations greatly (+1.4% actual vs. -0.3% forecast).
GBP/USD: the pound recovers
2019-11-11 • Updated
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.
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