GBP/USD double pattern confluence for bullish continuation

Nenad Kerkez Top-XE

GBP/USD technical analysis

Move up after the gap.
Fakeout pattern ™.
Pandemic pattern ™.
Possibly 1.1500.

MEGATREND MAs: Bullish

D1 chart GBP/USD

Fakeout candle 1.
Fakeout candle 2.
Fakeout pattern confirmation.
Target.
Pandemic pattern.

The GBP/USD has shown 207 pips of the ATR for the last 14 days.It means that volatility is 2 times higher than before the crisis. There was a gap in early trading which we closed nicely as it was a common gap which was tradeable. The signal was given shortly after a strong bullish bounce.

Today we can spot 2 patterns which make a confluence. After the gap was closed the market showed a fake out move to the downside plus we can easily spot a pandemic pattern which should push the price to the upside. However due to the huge volatility in the GBP/USD cross we need to mention that the price movements can be characterized as nervous. 1.1340 is the entry zone but stops should be either 1.1295 or 1.1170. Target is 1.1500 and 1.1550 zone.

If the market respects the double pattern we should see 1.1400 taken out first where the first wave of profit taking happens ( 1.1400-20).

Author

Nenad Kerkez

Top-XE

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