GBP/USD: the risk of reversal

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.

GBP.png

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.   

GBP2.png

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Expanding bullish Ichimoku Cloud with rising Senkou Span A; a golden cross of Tenkan-sen and Kijun-sen but narrow channel Tenkan-Kijun.

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Latest news

GBP/USD: confirmed "Thorn" pattern

The last "Pennant" pattern has been broken, so bulls found resistance at 1.2915. Nevertheless, the market is likely going to move on, so we should...

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