Currency analyst

GBP/USD: bears took hold of pound

On the daily chart GBP/USD came to the lower border of the medium-term consolidation range of 1.3075-1.3494. The break of support will activate AB=CD pattern with target at 1.2870.

On H1 the materialization of the models "3 Indians" and "Head and Shoulders" at 161.8% AB=CD target made the pair return inside the 1.3071-1.33 trade channel and settle close to its lower border. The sentiment remains bearish, and the move to 1.316 (23.8%), 1.321 (38.2%), 1.3245 (50%) and 1.328 (61.8%) should be used for opening short positions.


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