GBP/USD Hammering a Triangle Pattern? (Webinar Recording)
This is a recording of a US Opening Bell webinar from March 20, 2017.
In today’s US Opening Bell webinar, we discussed technical patterns on key markets. One market we reviewed was GBP/USD on a longer-term basis going back to 2014. It appears GBP/USD is carving a triangle pattern within the 4th wave position. This implies another retest of lows in the coming weeks in a 5th and ending wave.
In addition, USD/MXN has been on the move. We spoke about how last week prices were hovering near a Fibonacci and 200 day simple moving average suggesting something was going to give soon. Prices have collapsed and now sit near the 78.6% retracement level. This may be considered the retracement of last resort before a retest of the US election lows.
If you wish to learn more about Elliott Wave theory without attending the webinars, we have Beginner and Advanced Elliott Wave trading guides.
---Written by Jeremy Wagner, Head Trading Instructor, DailyFX EDU
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.