23 Aug 2016

GBP/USD ADVANCE TO TEST THE DESCENDING TRIANGLE'S RESISTANCE

GBP/USD H4

The rate bounced higher last week after testing the all-time-lows at 1.2870 for the third time this summer and is now heading higher towards the current range's upper boundary.

My bias is still lower and I will be looking for a strong rejection lower from the 1.3250 level, however, it's important to note that we may be seeing some kind of double bottom forming instead which would trigger on a break of 1.3500 level.

A break above the 1.3250 level would invalidate my immediate bearish bias for the pair.






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