The GBP/USD pair has broken its minor support level but completed its symmetrical triangle pattern (shown in blue) on a 30 minute time frame, as predicted yesterday. The price is trading above the 50 day (shown in green) and below the 100-day (shown in yellow) moving average, which means that the bears are losing their control rapidly.
The pair is also challenging its downward trend line (shown in pink) - if it breaks this line the bias could be towards the upside. Moreover, the price action has also formed another symmetrical triangle pattern (shown in pink), and if this does breaks to the upside it could push the price near the 1.5774 resistance level.
GBP/USD" width="1438" height="746">
Important Levels
Resistance Zones
1.6039-1.6007 Major
1.5892-1.5848 Major
1.5809-1.5774 Minor
Support Zone
1.5644-1.5610 Minor (NOT VALID)
1.5524-1.5489 Minor
1.5211-1.5188 Major
1.5034-1.5005 Major
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