Currency analyst

GBP/USD: pound bared its teeth

On the daily GBP/USD chart the inability of the bears to break below the convergence area at 1.289-1.295 and reach 78.6% target of Gartley pattern led to correction. The bulls returned the pair to the lower border of the previous consolidation range. Successful test of resistance at 1.3075 will help the pound strengthen towards the upper border of the triangle.

On H1 GBP/USD broke above resistance at 1.3071-1.3075 will set off the "Shark" pattern. Its 88.6% target is near 1.332. On the contrary, if the bullish attack bulls fails, bears will have an opportunity to pulls the pair down to the target of green shark at 1.288. The first step will be successful test of support at 1.299.


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