GBP/USD 1H Chart: Descending Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The beginning of 2014 was marked as a time of large swigs performed by the British currency against the greenback after trading almost flat for more than a month. The trajectory of these fluctuations represents the descending triangle pattern that now is 203-bar long.
At the moment, the trading range of GBP/USD is narrowing, meaning that the pair is approaching the apex. The closer the pair moves to the apex, the more probable the breakout is. Considering that descending triangles usually lead to bearish breakouts and that 56% of traders bet on depreciation of the pair, the likelihood of an accelerating decline is high in the hours to come.
© Dukascopy Bank SA
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