28 Mar 2017

GBP/USD AT THE TRIANGLE'S RESISTANCE

GBP/USD DAILY

The rate has risen to test the symmetrical triangle's resistance which is also an old support/new resistance area.

I have no clear bias at the moment so I will be ready to enter both sides.

For a short position I will be looking for a strong rejection from the resistance like a shooting star or bearish engulfing pattern to target the triangle's support around 1.2200.

For a long position I will need to see a break above the previous resistance test at 1.2675. This, however, would be a reduced position as the large resistance area (all the way up to 1.2860) could still produce a reversal indicating a false breakout.







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