British pound breakout soon?
Great Britain released retail sales data on May 20, 9:00 GMT+3. The reading outperformed expectations greatly (+1.4% actual vs. -0.3% forecast).
GBP/USD: will pound return to the triangle?
2019-11-11 • Updated
Recommendation:
SELL 1.326 SL 1.3315 TP1 1.316 TP2 1.306
SELL 1.319 SL 1.3245 TP1 1.309 TP2 1.299
On the daily chart, bulls attempted to lead GBP/USD outside of the triangle and develop correction to the short-term downtrend. If the pound manages to break above 1.3340, risks of continuation to the upside to 1.3415 and 1.3520 will increase. On the other hand, the return of the pair to the triangle will return the initiative to bears.
On H1, GBP/USD may form “Wolfe waves” pattern. The decline of the pound below 1.3190 will increase the odds of triggering the “Widening wedge” pattern.
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