GBP/USD 1H Chart: Ascending Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
After bottoming out at 1.4567 on April 13, the Cable commenced a recovery, even though gains are still limited by a resistance at 1.5067. Therefore, GBP/USD has formed an ascending triangle pattern on an hourly chart, and is currently respecting two boundaries of it. In the short-term, this currency pair is expected to show slight weakness, judging from near-term technical indicators. However, after hitting the lower trend-line, which is reinforced by 100-hour SMA and daily S1, the Sterling is forecasted to rebound significantly and target 1.5160 (weekly R1) towards the end of this week. Despite that, 60% of SWFX traders are bearish on perspectives of the British Pound.
© Dukascopy Bank SA
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