Daily Forex Update: GBP/USD
By: Dima Chernovolov
GBP/USD continues to rise inside the daily Ascending Triangle chart pattern which was previously identified by Autochartist. Autochartist rates the quality of this Ascending Triangle at the 5-bar level – which is the result of the slow Initial Trend (2 bars), strong Uniformity (7 bars) and above-average Clarity (6 bars). GBP/USD is expected to rise further inside this Ascending Triangle – in line with the earlier upward reversal from the support area shown below.
As can be seen from the daily GBP/USD below, the price earlier reversed up with the daily Japanese candlesticks reversal pattern Bullish Engulfing from the support area lying at the intersection of the support level 1.2800 (former strong resistance from December), lower daily Bollinger Band and 50% Fibonacci correction of the previous sharp upward impulse from January. The proximity of this support area increases the probability GBP/USD will continue to rise inside this Ascending Triangle.
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