GBP/USD: Triangle forming, breakout will follow...
The range has been tightening and forming what seems to be a triangle.
Could mean one more down wave (triangle is most often seen in a wave 4) in the big down trend if it breaks to the downside...
First stops are either support below or resistance above depending on the direction of the breakout, then we'll have to see what happens there...
It might possibly continue a little in an ever tighter range first with a tight BB squeeze (now still quite wide on the daily) to an almost flat situation on the weekly and daily charts. And then we need some important news to get the next big move started...
Could mean one more down wave (triangle is most often seen in a wave 4) in the big down trend if it breaks to the downside...
First stops are either support below or resistance above depending on the direction of the breakout, then we'll have to see what happens there...
It might possibly continue a little in an ever tighter range first with a tight BB squeeze (now still quite wide on the daily) to an almost flat situation on the weekly and daily charts. And then we need some important news to get the next big move started...
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New idea and levels to watch:
On to new higher now I think..., waiting for a correction now to try and get a good entry and catch the continuation move.