This is a recording of a US Opening Bell webinar from March 27, 2017.
In today’s US Opening Bell webinar, we discussed technical patterns on key markets. One market we have been focusing on for the past week is the potential triangle pattern for GBP/USD. This is a pattern that has been taking shape for the past 5 months. We are anticipating this pattern to finish below 1.2706 and retest the historic lows of 1.19.
This GBP/USD triangle pattern was previously written about as a trader’s pick on March 24.
The strong rally in Gold prices over the past couple days has led to a retest of the 200 day simple moving average. A break above this moving average opens the door to $1275 and possibly higher. Another rejection at this moving average suggests prices may have to wait before embarking upon the moving average break higher. We do see the higher probability pattern is an eventual break higher through the moving average either it be soon or by starting from slightly lower levels.
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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