GBP/USD 1H Chart: Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Triangle pattern, created by the Cable in the second week of October, was confirmed to the downside on October 29; however, the pair's decline stopped around the level of weekly S1 at 1.5996. If this support manages to hold the Pound at current levels for some time, the pair can start moving back in the direction of the pattern's boundary, as suggested by the majority of market participants, who hold long positions in 65% of all cases. At the same time, confirmation of the pattern to the south implies a continuous downward movement. This idea, in turn, is supported by one and four-hour technical indicators, which send bearish signals, while daily studies are mostly neutral.
© Dukascopy Bank SA
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