Skip to Content
News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

Free Trading Guides
Subscribe
Please try again
Select

Live Webinar Events

0

Economic Calendar Events

0

Notify me about

Live Webinar Events
Economic Calendar Events

H

High

M

Medium

L

Low
More View More
EURGBP Building A Multi-day Triangle

EURGBP Building A Multi-day Triangle

Talking Points:

  • EURGBP building a multi-day triangle on the hourly chart
  • Trend is down, making a down-side break more probabable, however…
  • Waiting for a breakout before establishing a position

EURGBP triangle on the hourly chart needs to see a break below 7440 or above 7500 before coming into play. The height of the pattern is just over 100 pips, putting measured moved targets at 100 pips from the breakout point of the converging trend-lines. The daily trend has been decisively down, making for an increased likelihood we see a push lower, however; triangles can also act as reversal patterns. It is this unbiased nature of triangles which make it important to wait for a breakout before taking entry.

EURGBP 1-Hour: Jan ‘15

--- Written by Paul Robinson, DailyFX Research

To contact Paul, you can email him at instructor@dailyfx.com

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES