GBPUSD in a triangle
Updated
The pair is in a triangle as shown above. The best regions to trade is after a successful breakout of the pattern as will be indicated bellow.
Comment
Comment
1st Opportunity: If the resistance level highlighted by orange successfully hold.Plan: Wait for a chart pattern such as double bottom,etc or candle stick
pattern.
Target: the support that corresponds the psychological level. If this is succesfully breached, then watch for further move toward the triangle resistance.
2nd Opportunity: If price breaches the orange highlighted resistance ( which is the confirmation of a successful breaking of the triangle)
Plan: If the support zone is broken out I will check the Risk/Reward for entry and will watch the level 1.29500 for the signs of support and watch for any possibility of a retracement.
3rd Opportunity: The upward breakout.
Plan: Target is around 1.32020 but the regions around 1.3150 should be watched for reversal or retracement.
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