GBP/USD 1H Chart: Descending Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
GBP/USD has decreased after a sharp gain at the end of the last week, fallen below its SMA200 level and has formed a Descending Triangle pattern on the 1H chart. The pattern has 77% quality and 73% magnitude in the 151-bar period.
 
The pattern started when the pair bounced from 1.5614 and after testing support levels at around 1.5777 and 1.5650 it has slowed down at 1.5544 where the pair is currently trading. The SWFX market sentiment is almost equally divided between bears and bulls, with slightly more participants expecting pair to rise in the near future. Long traders could focus at 1.5560 which was tested recently. If this level is breached, next targets could be at 1.557, at the daily resistance at 1.5584 and at the recent high at 1.5623.

Technical indicators on aggregate point at a bear market outbreak on the 4H time horizon. Short traders could focus on the pattern lower band at 1.5541. If the pair breaches this level, next possible targets could be at the recent low at 1.5524 and the  daily support at 1.5489.  

© Dukascopy Bank SA
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