GBP/USD: the pound slides

GBP/USD: the pound slides

Recommendation: SELL 1.2785 SL 1.284 TP1 1.2685 TP2 1.264 TP3 1.257

On the daily chart of GBP/USD the price broke through the lower limit of the downward channel. It shows the sellers are confident that price would go down. Downward movement will activate the “Shark” pattern with the target at 113%. The update of August minimum will increase the risks of moving towards 61.8% and 78.6% from the long-term ascending wave.

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On H1 chart of GBP/USD if buyers cannot manage to hold the price near a target at 88.6% of the “Bat” pattern, the trend will turn bearish. If sellers break the support at 1.2785, the price will fall.

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