Currency analyst

GBP/USD found convergence

On the daily GBP/USD chart the bears reached targets they set before. The pair met important convergence area at 1.2888-1.2946, and won't be able to continue declining until it falls below this region. Recoil will increase risks of the pair's return to the lower border of the medium-term consolidation in the 1.3075-1.3494 zone.

On H1 GBP/USD rwached 78.6% Gartley pattern target. Currently this level (1.2946) acts as resistance. Correction will increase probalility of selling from 1.3025, 1.3071 and higher. Successful test of support at 1.2888 will increase risks of continued decline to 1.2797 (224% target according to  AB=CD).

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