GBP/USD: pound is losing ground
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Recommendation:
SELL 1.3850
SL 1.3905
TP1 1.375 TP2 1.3645 TP3 1.358
On the daily chart, GBP/USD is consolidating in the 1.3820-1.4050 range within the “Spike and ledge” pattern on the basis of 1-2-3. A break of its lower border will allow bears to continue correction towards 88.6% of the “Bat”. On the other hand, advance above resistance at 1.4050 will lead to the uptrend’s resumption.
On H1, GBP/USD after forming “Wofle waves” and a pullback from the upper border of the downtrend channel bears are ready to continue the decline.
