GBP/USD 4H Chart: Descending Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Even though a descending triangle pattern was already penetrated, the pair still presents a great opportunity fro traders, as throwbacks are considered to be more attractive than breakouts. After reaching this year's high at 1.6823 on February 17 the pair began moving sideways, however, a move back to this level is expected, as more than 60% of pending orders in a 100-pip range are placed to buy the pair, while technical indicators on a daily chart are sending ‘buy' signals, also supporting this idea. However, before reaching a weekly R1, the pair will have to penetrate a weekly and daily PP at 1.6696 and a daily R1 around 1.6726. For now, the pair still can move sideways.
© Dukascopy Bank SA
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