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Currency analyst

GBP/USD: bears prepared for a breakthrough

On the daily chart one may see that GBP/USD started consolidating in the 1.3070-1.3500 range. Its lower border correspomds to 161.8% target, the upper border corresponds to 127.2% of the senior AB=CD pattern, which is marked by red color. The break of support may resume the downtrend sending the pair towards 1.26. Here are the targets of 200% of the senior and 127.2% of the junior pattern (painted in green color) AB=CD patterns.

If GBP/USD successfully tests the lower border of the triangle (1.3071), it will lead to the resumption of the short-term bearish trend within the descending trend channel. The area of 1.2890 is a target (historic support) – 1.2910 (target at 161.8% of AB=CD).

Recommendation: SELL 1,307 SL 1,317 TP1 1,291 TP2 1,261

GBP
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