GBP/USD 4H Chart: Ascending Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Cable entered an ascending triangle on March 18, and it has already rebounded from the lower trend line two times. In the meantime, the upper trend line is located at 1.4755. The pair was out of the trend for a few days, which casts some scepticism on the trend. However, it is back in the pattern, as the Pound is at 1.4567 against the US Dollar. At the moment, the currency exchange rate faces no resistances up to the level of 1.4703, where the first weekly resistance is located. On the other hand, a move down is unlikely, as all the SMAs, weekly and monthly pivot points and the lower trend line are located around the level of 1.4535. Aggregate technical indicator also forecasts a depreciation of the Sterling against the Greenback.
© Dukascopy Bank SA
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