Currency analyst

GBP/USD makes a "dead cat bounce"

On the daily GBP/USD chart the bulls make a lot of efforts to return the pair to the borders of the medium-term consolidation range of 1.3070-1.3490. Failure at its upper border will give the lead back to the bears and increase the risks of decline to 1.29 and lower.

On H1 GBP/USD made an inversed "Shark" pattern. This will help the pair reach 113% target (1.311), although many will want to sell the pound at 38.2% (1.3115), 50% (1.3165) and 78.6% (1.3280) Fibonacci of the last descending wave. Traders should think about selling at the mentioned levels.


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