GBP/USD stubbornly broke out to the upside if with significant difficulty.
The pair has remained above the resistance trend line for seven hours now, after it formed a flag from 19th April until today, when it started rallying. (H1 time frame screenshot)
The limit of that flag is 90 pips from the breakout level at the resistance trend line to the upside, which means that the target is at 1.2908.
Which, by the way, is likely not the end target of the rally.
The triangle (in red) it broke above has a limit of 779 pips to the upside and we also need to take into consideration the resistance trend line of the bearish trend that started on 6th July 2014 (weekly time frame screenshot). I think that if the pair reaches the limit of that triangle it will probably test that trend line.
Gbp/Usd is building up some gains but still within the range.
ReplyDeleteThank you for the analysis I'll keep an eye on the currency pair.
ReplyDeleteIt's consolidating for now.
ReplyDeleteGood insight.
ReplyDeleteInteresting levels to be watchful of, thanks for the info.
ReplyDeleteVery good article, thank you for sharing!
ReplyDeleteThanks for such an informative analysis.
ReplyDelete