GBP/USD Forecast: Indians on the horizon

rub-l12Recommendation:

SELL 1.34

SL 1.3455

TP1 1.3265 TP2 1.321

On the daily chart, GBP/USD keeps forming an AB=CD pattern. Its 127.2% target is near the line of “Three Indians”. This increases the risks of correction if bulls show weakness and fail to overcome important resistance at 1.3400.

GBP1.png

On H1, a break above the level of 88.6% of the wave CD of the 5-0 pattern allowed bulls to resume the uptrend. The pair is currently forming “Spike and reversal with acceleration” and AB=CD.

GBP2.png

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