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GBP/USD Triangle Breakdown

GBP/USD Triangle Breakdown

2016-10-04 18:29:00
Jamie Saettele, CMT, Sr. Technical Strategist
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GBP/USD Triangle Breakdown

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-The most recent update noted that “the triangle support line is just under the market and should be watched for support. Failure to hold would shift focus to 1.2612 (127.2% expansion of triangle width).” GBP/USD has broken through the bottom of the triangle. As such, focus is lower towards the mentioned 1.2612 and eventually the triangle objective at 1.2115. 1.2940/50 is resistance in the event of re-test of a relief rally.

For more analysis and trade setups (exact entry and exit), visit SB Trade Desk

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