GBP/USD Pressing Bottom of Proposed Triangle
Chart Prepared by Jamie Saettele, CMT
-There is no change…range trade within a triangle remains ‘favored’. “The gap to open trading post-Brexit is thus far of the breakaway variety. The current level (slope line near 1.2800) could inspire a ‘squeeze’ as part of consolidation before another leg lower.” 1.2800 is still the low and it appears as though a triangle is forming from the July low. The triangle support line is just under the market and should be watched for support. Failure to hold would shift focus to 1.2604 (127.2% expansion of triangle width).
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.