GBP/USD 4H Chart: Ascending triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Ascending triangles formed by EUR/JPY and GBP/USD are similar in nature. Both have emerged after a decline, and in both cases technical studies imply appreciation of a base currency. In case of a bullish break-out the main target will be the June high, even though the distance between the key resistance level and 1.5930 is less than the height of the pattern. This is because the price may have trouble rising past the June high. Alternatively, if the lower trend-line is breached, the first target will be at 1.5468, represented by the July 24 low. Next is the monthly S1 and Jul 8 low at 1.54 and at 1.5330, respectively. Here the market is divided as well: 50% of positions are long and the rest are short.
© Dukascopy Bank SA
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