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.


EUR/GBP: pound is chasing a bat

On the daily chart of EUR/GBP, bears managed to seize the initiative and brought the pair to the lower border of the medium-term consolidation range (0.8695-0.9015). If the pair triggers the “Bat” pattern, the odds of it going to its 88.6% target at 0.8635 will increase.

EUR/USD: bears hit the breaks

On the daily chart, EUR/USD reached an interim target at 78.6% of the “Bat”. The pair formed an inside bar. A break of its upper border will increase the odds of a break above the diagonal resistance and a trigger of the “Shark” pattern.


Morning brief for May 30

 Growing concerns over Greek bailout, early elections in Italy and comments by the ECB President Mario Draghi about the need to maintain the bank’s extraordinary amount of monetary policy support…

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