Daily Forex Update: GBP/USD

By: Dima Chernovolov

Autochartist recently identified the breakout of two chart patterns – Inverse Head and Shoulders and the Ascending Triangle on the hourly GBP/USD charts. The Quality of both of these chart patterns is measured by Autochartist at the 6 bar level. The strength of the breakout of these price patterns is similarly rated at the 10-bar level – reflecting the strength of the latest upward price impulse.

The price has reached today the forecast price calculated by Autochartist for each of these chart patterns, as can be seen below. The fact that both of these price patterns were broken at the same time increased the bullish pressure on this currency pair.

As can be see from the Volatility Analysis chart below – the upper boundary of the Expected Price Range (1.4683) stands well above the current market price (1.4580) – increasing the probability of further gains for this currency pair.

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