GBP/USD 1H Chart: Ascending Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Cable is unable to violate the red trend-line for a second time in two days. Despite that, this is a rare case when an ascending triangle formed a reversal pattern at the end of a downtrend. It indicates that some attempts to climb will be in place for some time, unless the bulls give up and allow the bears to take leadership over the cross. The latter idea is, however, supported by daily technical indicators. Bearish scenario is also fuelled by the fact that the pair seems to be overbought, as 64% of all SWFX trades are long. GBP/USD is going to meet a formidable support area at 1.4262/38. Only by closing below the weekly pivot point it will reopen much lower levels including Jan 26/21 lows at 1.4173/4082.
© Dukascopy Bank SA
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