On the GBP/USD daily chart, quotes come closer to the lower boundary of the upward trading channel.
A successful test of the diagonal support will open the way for “bears” towards 1,215. There is 88.6% target in the “Shark” pattern.
The rebound from this support will allow the “bulls” to develop a consolidation in the range of 1.238-1.254.
On the GBP/USD hourly chart, the second should of the “Head and shoulders” was formed. A breakout of the support at 1.2365 (23.6% Fibonacci retracement level formed from the last mid-term “bearish” wave) and breach of the neckline near the 1.23 mark can drag quotes down.
Recommendations:
SELL 1,2365 SL 1,242 TP 1,215,
SELL 1,23 SL 1,2355 TP 1,215.
Origin: Economies
