GBP/USD: will pound return to the triangle?

GBP/USD: will pound return to the triangle?


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.




GBP/USD: pound still supported by Cloud

Expanding bullish Ichimoku Cloud, but falling Senkou Span B(!); a golden cross of Tenkan-sen and Kijun-sen; the market supported by Cloud, but the Bulls can’t continue an existing uptrend.



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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