GBP/USD: triangle didn't help the bears

GBP/USD: triangle didn't help the bears

On the GBP/USD daily chart, there is a formation of the "Splash and ledge" pattern on the basis of 1-2-3. The pound is consolidating in the range of 1.237-1.256. A breakout of the diagonal resistance (the upper limit of the downward trading channel) near 1.2465 can lead to the continuation of the rally. In contrast, a successful test of the support at 1.237 can lead to the implementation of the 88.6% target in the "Bat" pattern.

On the GBP/USD hourly chart, the triangle has been formed, it helped bears to lead them away to the downside. A breakout of its lower border led to the drop of quotes towards the support at 1.236, but there was no additional downfall. This shows the weakness of the "bears" and creates the prerequisites for the development of consolidation.


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GBP/USD: pound entered into channel Tenkan-Kijun

Bullish Ichimoku Cloud with horizontal Senkou Span A and B; a golden cross of Tenkan-sen and Kijun-sen with horizontal lines; the market is under strong resistance and prices entered into the channel Tenkan-Kijun.


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