GBP/USD 1H Chart: Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
After starting a triangle pattern, GBP/USD has become more volatile and while performing one of its large swings, it even managed to hit a two-year high of 1.6666. However, the pair is not likely to re-approach this peak given a graduate constriction of the trading range.
At the moment the GBP/USD represents a lucrative opportunity for traders as it has almost reached the apex, meaning that a breakout is nearing. However, the same as in USD/SEK case future direction of the instrument seems obscure. The proportion of long to short positions is almost 1:1, while technical indicators are neutral for short term and bullish for longer term.
© Dukascopy Bank SA
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