GBP/USD: the risk of reversal

Recommendations:

SELL 1.3060, SL 1.3115, TP 1.2950

BUY 1.3160, SL 1.3105, TP 1.3260 

On the daily chart, bears are trying to return GBP/USD inside the previous consolidation range of 1.2930-1.3120. If the pair comes down to its middle, the reversal “Spike and ledge” pattern will be formed. On the other hand, an increase to June high will make GBP/USD continue rising to 200% target of AB=CD pattern.

On H1, the Double Top in the area of the third Indian of the “Three Indians” pattern is a strong reversal sign. The break below support at 1.3060 and 1.3000 will lead to a correction.   

Ivan Karamazov

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