GBP/USD - LONG based on Pennant (1h) + Ascending Trendline (1D)

Based on the 1hr chart where a Bullish Pennant Pattern is forming, further upside is likely.

While on Daily, the price remains in an Upward Trendline which is on its way to forming an Ascending Triangle which I believe has 1-2 more pushes to the upside before being considered a good SHORT opportunity.

Price also remains above EMA on Daily + 4hr, while testing 2hr & below.

Note

Some additional charts and timeframes:
imgur.com/a/4TGjfSz

Note

Here's the 1hr chart but cleaned up (no gridlines) & using Heikin Ashi Candlesticks.

Overall selling pressure appears to be capped.

However, time will tell once London trading session opens in just under 2hrs

Trade closed: stop reached

The Ascending Triangle was breached and the price dropped like a rock, hitting all 3 SL setups for varying risk appetites.

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BinarySword

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