As far as we can see on the chart, there was an obvious figure of “triangle”, many traders can mistakenly think that this figure is fulfilled towards “hypotenuse”, however, drawing on my experience, I can say with confidence that it not absolutely exactly. The figure can fulfill in any direction therefore I suggest to place pending orders on both sides, SELL STOP at the level of 1,4850, BUY STOP at the level of 1,5000, the figure is considered fulfilled passing 75% of the basis of “triangle”. It is also possible to trade inside of figure, the trade corridor is clearly visible on chart. Successful trade to all!
Main movement of currency pair
GBP/USD is in a sideways trend, Tenkan and Kijun lines move in parallel above the price curve, the price moves below the descending cloud, the ascending movement of currency pair is predicted. Traders should take “buy” positions above the level of resistance 1,4912, to fix profit at the following levels of resistance 1,4950, 1,4990.
Alternative movement of currency pair
If pair GBP/USD manages to break through and get fixed below the level of support 1,4850, continuation of the descending movement to the following levels of support 1,4800, 1,4770 will be possible.
Level of support: 1,4912; 1,4950 1,4990.
Level of resistance: 1,4850; 1,4800; 1,4770.