GBP/USD: the pound surfs

GBP/USD: the pound surfs

Recommendation:

BUY 1.322

SL 1.3165

TP1 1.332 TP2 1.3365 TP3 1.3455

On the daily chart of GBP/USD, bears try to break June lows. If they succeed, the AB=CD pattern with the 127.2% target will be implemented. At the same time, risks of the “Wolfe waves” pattern’s implementation will increase. It will limit the possibility of the correction to the long-term uptrend.

gbpusd_d.png

On H1, after the pair reached targets of the red “Wolfe waves” pattern, bulls are trying to pull the pair to targets of the blue one. If the pair breaks the resistance at 1.322 near 2-4 lines, odds of the upward movement will increase.

gbpusd_60.png

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