On the GBP/USD daily chart, after quotes went beyond the descending trading channel the “bears” regained control over the market.
The “Crab” pattern with its 113% and 127.2% intermediate targets is relevant at the present moment. We may expect the development of the correction wave from the December low located at the 1,215 level.
On the GBP/USD hourly chart, there is a formation of the CD wave of the “Shark” pattern. A breakout of the December low can lead to the downfall of quotes towards 1,215 (88.6%). Also, there might be a correction from the current levels towards 1.2357, 1.2441 and 1.2509.
Origin: FX BAZOOKA
