On the GBP/USD daily chart, a short-term correction towards the “bullish” trend allowed to form an upward trading channel. The pound will have to fulfill 88.6% target in the “Crab” inverted pattern.
A breakout of the resistance at 1,261 (78.6% Fibo level of the last mid-term downward wave) will facilitate its fulfillment.
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On the GBP/USD hourly chart, a rebound from the support at 1,241 (38.2% Fibo level of the last upward wave) was the signal that the correction is completed. To restore the “bullish” trend buyers need to test the resistance at 1,261.
Recommendation: BUY 1,261 SL 1,2555 TP 1,271.
Origin: FX BAZOOKA
