GBP/USD Ascending Scallop Pattern Potentially Targeting 1.2950

2 min read
Nenad Kerkez

Nenad Kerkez

Head of Trading

Hi traders,

The GBP/USD has formed an Ascending Scallop pattern above the W L3 pivot, which indicates a potential bullish bounce.

If the price manages to proceed above the POC zone and stays above the previous swing low, then there is a potential for 1.2950. Have in mind that today is a GBP holiday. UK banks will be closed in observance of the Summer Bank Holiday, but traders might position themselves in advance. Targets for a bullish move are 1.2903 and 1.2950 provided that the price manages to hold above 1.2705.

Many green pips,
Nenad Kerkez aka Tarantula FX
Elite CurrenSea

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