Ascending triangle - Long opportunity for GBP/USD on 1-hr chart
A pretty good ascending triangle forming clearly on the GBP/USD 1-hour chart which is applying strong bullish pressure on the $1.2845 - $1.285 resistance level (white horizontal line).
- After failing multiple times to pass the $1.275 support line (red horizontal line), the cable is now gradually proceeding towards the $1.2845 - $1.285 resistance level.
- Price action also shows that the pair has been struggling to breach the $1.2845 - $1.285 resistance level, but a slowly forming ascending triangle could send it beyond this resistance level and send it towards the $1.29 resistance level
(light blue horizontal line) and even possibly further towards the $1.295 resistance line (yellow horizontal line), although less likely due to the risk of Brexit trade negotiations going wrong.
- Therefore, the pair is starting to look a bit bullish. However, these are quite uncertain times; with the Coronavirus outbreak, the U.S. presidential election and Brexit trade negotiations, I'd say it is hard to predict what may happen
next.
Note: I am not responsible for your trading decisions. It is solely your responsibility to make your own decisions ;))
- After failing multiple times to pass the $1.275 support line (red horizontal line), the cable is now gradually proceeding towards the $1.2845 - $1.285 resistance level.
- Price action also shows that the pair has been struggling to breach the $1.2845 - $1.285 resistance level, but a slowly forming ascending triangle could send it beyond this resistance level and send it towards the $1.29 resistance level
(light blue horizontal line) and even possibly further towards the $1.295 resistance line (yellow horizontal line), although less likely due to the risk of Brexit trade negotiations going wrong.
- Therefore, the pair is starting to look a bit bullish. However, these are quite uncertain times; with the Coronavirus outbreak, the U.S. presidential election and Brexit trade negotiations, I'd say it is hard to predict what may happen
next.
Note: I am not responsible for your trading decisions. It is solely your responsibility to make your own decisions ;))