Currency analyst

GBP/USD is forming a ledge

On the daily chart GBP/USD keeps consolidating in the 1.3075-1.3494 area. The borders of this range correspond to 127.2% and 161.8% targets of the senior AB=CD pattern. The break of resistance at 1.3491-1.3494 activates junior AB=CD pattern. Its 224% target lies at 1.3950.


On H1 the break of the upper border of the descending triangle and its following retest means that the bulls have seized the initiative. If they manage to rise above resistance at 1.3302, the "Spike and ledge" pattern on teh basis of 1-2-3 will allow to expect the pair's growth to 1.3455. Bearish mood will return to the market in case of the break below the lower border of the "ledge" at 1.3071.   

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