GBP/USD Forming A Triangle Pattern
Forex4you | Jun 12, 2012 10:13AM ET
The pound is consolidating in what looks like a triangle pattern. It has just reached the top of the pattern and is posting some bearish candlesticks which indicate the possibility that it could begin falling from here, targeting the bottom of the range at 1.5465 next. Eventually it could break out in either direction. However, given the overall bearish trend a break below 1.5445 might be confirmation of a downside breakout to 1.5325. Meanwhile a break higher might be confirmed by a rally above 1.5582 targeting 1.5675.
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