GBP/USD 30M Chart: Symmetrical Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
GBP/USD broke the symmetrical triangle to the upside, and is currently attempting a retracement from the broken trend-line. The rate is elevated by various time-frame SMAs and an Ichimoku cloud from below, meaning that the current downtrend is likely to indeed be a just a retracement and will be cut at 1.2483 where the broken trend-line lies. We will then look for a break above the Daily R1 at 1.2521 and 1.2547 after that. The upper Bollinger Band at 1.2527 could mess with the momentum but ultimately amid against a strong Pound. Given that both the US Dollar and Sterling are currently dictated by events in the global polit-economic arena, we should not solely rely on technical indicators and watch fundamentals rather closely.
© Dukascopy Bank SA
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