Currency analyst

GBP/USD: sell at higher levels

GBP/USD keeps correcting on the daily chart to the overall bearish trend. MACD is rising, ADX>25, -DMI>+DMI. The sellers failed to keep the pair below 161.8% Fibonacci of the last descending wave. Afther that the initiative returned to the buyers, which aimed to test resistance at 1.3487 (127.2%). The main recommendation is to the sell on the increase.

On H1 Stochastics shows that the pair is overbought, convergence of +DMI и –DMI points at the coming reversal. Recoil from resistance at 1.3370 (here's the target of 261.8% Crab pattern) will be a reason to open a short position.  

Recommendation: SELL 1,337, SL 1,347, TP1 1,317, TP2 1,307.



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