Currency analyst

GBP/USD: bulls became defensive

On the daily GBP/USD chart the bulls werewoo weak to make the pair hold above 1.335. The pair returned to the lower border of the uptrebd channel. The break of support at 1.3225 will make the pound decline towards 1.315 and 1.307-1.309.

On H1 GBP/USD support at 1.326 stopped the bears. Successful test of 1.3225 (38.2% Fibo of the last bullish wave) will open the way south. The level of 1.309 acts as a target for the bearish trend. It corresponds to 88.6% target of the "Shark" pattern. The nearest resistance is near the lower border of the short-term channel (1.34).  

Recommnedation: SELL 1,3225 TP 1,309 SL 1,331

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