GBP/USD Regroups Following Major Behavior Change

Chart Prepared by Jamie Saettele, CMT

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-Consolidation broke to the upside so implications are that a major advance is underway in Cable. The median line break is significant. Recall that “GBP/USD price action since the October crash low has formed a triangle. Triangles can resolve in either direction but are typically (not always) continuation patterns. I’m interested to see how Cable trades following today’s key reversal at the top of the range. The upper triangle barrier is near 1.2620 and a move through there would argue for bullish resolution.”