GBP/USD: pound reached the Rubicon
On the GBP/USD daily chart, pound tries to consolidate. Targets in the AB = CD and "Deep-sea crab" patterns help us to indicate the consolidation area at 1,2109-1,2317. If quotes go beyond these margins, there might be either a correction or restoration of the downward trend towards the convergence zone located at 1,1858-1,1884 levels.
On the GBP/USD hourly chart, the descending triangle has been formed. Breakout of its lower boundary at 1.21 might lead to quotes' fall towards the convergence zone that we defined on the daily chart. Successful test of the resistance line at 1.2315 may turn into correction at the 1,239 and 1,248 levels.
BUY 1,2315 SL 1,2260 TP1 1,239 TP2 1,248
SELL 1,21 SL 1,2155 TP1 1,1885 TP2 1,186