GBP/USD- Symmetrical Triangle Formed
AvaTrade | Aug 04, 2015 06:40AM ET
The GBP/USD pair is trading in symmetrical triangle pattern on a 4 hour time frame. These patterns are ranked on the bottom of the list and this or due to their failure rate in terms of of their predictability and and completing their projections. Generally speaking, these patterns break in the direction of the trend and in this case it will be towards the upside. The projection can push the price towards the 1.6475 mark. In terms of volatility, it is low as the price is trading within the Bollinger band and close enough to its 20 day moving average.
The RSI is trading in line with the price action which means that while the price is making the higher high, the RSI is also confirming the same move.
Important zones
1.5378-1.5329 Support
1.5694-1.5645 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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