GBP/USD- Consolidating In A Side Way Pattern
AvaTrade | Jul 31, 2015 06:56AM ET
The GBP/USD pair is trading above its upward trend line on a four hour time frame. The price is mostly trading in a side pattern but still above its upward trend line. We have also formed a small symmetrical triangle pattern and these patterns are ranked towards the bottom of the list and this because of their failure rate in completing their projections fully. The price is trading near the 20 day moving average and this shows that the volatility is low.
The RSI is also trading in line with the price action and this means that while the price is trading higher, the RSI is also making the higher high.
Important zone
1.5395- 1.5337 support
1.58032- 1.5736 resistance
Disclosure & Disclaimer: The above is for informational purposes only and NOT to be construed as specific trading advice. responsibility for trade decisions is solely with the reader.
by Naeem Aslam
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