GBP/USD 1H Chart: Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
For the past 170 hours (since Mar 7) the Cable has been trading between two converging trend-lines, forming thereby a symmetrical triangle with the demand area at 1.6607 and the supply at 1.6650. However, despite these strong zones, the currency pair is approaching the apex of the pattern, meaning it is ready to break out. The path of least resistance is to the downside, being that 1.6650 consists of the falling trend-line, weekly and daily PP, and 200-hour SMA. And even though technical indicators are mixed at the moment, SWFX market participants are inclined to believe that the Sterling is going to lose value, being that 59% of open positions are short.

© Dukascopy Bank SA
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