GBP/USD signs of bullish impluse
GBP/USD has been in a corrective pattern since the 14th of April 2020.
The current wave count is of an expanded flat pattern with an exhaustion
gap just before the 50 Fibonacci level at 1.20268. The gap resulted in a
reversal that was impulsive in nature that is now testing our channel
resistance.
A clear break of channel support and retest of 1.22500 will be the first
confirmation of a change of direction for the GBP. As more weakness is
expected out of the dollar we can expect the GBP/USD to gain.
Alternatively, we can reject the move higher and test the 61.8 Fibonacci level at 1.18818 before our move higher. Key news events affecting the pound this week are Retail sales out on Friday 22 May 2020.
Res: 1.23700; 1.25000; 1.26345
Sup: 1.22000; 1.20268; 1.18818
Reprinted from FXStreet，the copyright all reserved by the original author.
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