On the GBP/USD daily chart, a break of support at 1.2365 can lead to the activation of the “Shark” pattern. Its target 88.6% is located at 1.2125.
Resistance is located near the 1,248 mark. If it is tested successfully, the second shoulder of the “Head and shoulders” pattern will be formed.
On the GBP/USD hourly chart, if quotes go out from the short-term upward trading channel and test the support at 1.2365, the prices fall down towards 1.2125. There is 88.6% target in the “Shark” pattern.
Recommendation: SELL 1,2365 SL 1,242 TP 1,2125.
Origin: FX BAZOOKA
