GBP/USD 1H Chart: Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
GBP/USD is continuing its recovery from the lowest level since mid January  and has formed a Triangle pattern on the 1H chart. The pattern has 91% quality and 77% magnitude in the 220-bar period.
 
The pattern started when pair bounced from 1.5268 and after testing resistance levels at 1.5599 and 1.5581 it has slowed down at 1.5528 where the pair is currently trading. Pattern resistance and support intersect on 15 of June at the level of 1.5537. Aggregate indicators point at bull market outbreak in the 1H time horizon. Current market sentiment is 60/40 in favor for the bulls as well. Long traders could focus on the daily resistance level at 1.5554. If this level is breached, next targets could be at 1.5582.

The Stochastic indicator on the 1H horizons points at a bearish market outbreak. Short traders could focus on the daily support level at 1.5508. If the pair breaches this level, next possible target could be at 1.5461.

© Dukascopy Bank SA
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