BluetonaFX - GBPUSD 13/06/2023 Triangle Formation Update
Hi Traders!
PLEASE SEE LINK TO ORIGINAL IDEA BELOW.
With the Federal Reserve pausing to increase interest rates for now but hinting at two more increases in the near future, the markets signalled this as US dollar strength.
Our GBPUSD triangle broke to the upside today before the interest rate announcement and almost broke the 1.27000 level, as we noted in our original idea. We reached as high as 1.26993 and have pulled back since then.
The new candle forming on the 1D chart will either be a retest of the triangle trendline that was broken or a continuation candle to retest the 1.27000 level to see if this level can be broken with a possible further bullish push to the upside.
If the new candle does retest the trendline, it is very important that there is enough buying demand at the trendline to make sure we do not end back below the trendline. If we do go back below the trendline, then we will most likely go back into the range zone of the triangle (highlighted on the chart).
Please do not forget to support us by liking, following, and commenting on our posts; this helps us greatly.
Thank you for your support.
BluetonaFX
PLEASE SEE LINK TO ORIGINAL IDEA BELOW.
With the Federal Reserve pausing to increase interest rates for now but hinting at two more increases in the near future, the markets signalled this as US dollar strength.
Our GBPUSD triangle broke to the upside today before the interest rate announcement and almost broke the 1.27000 level, as we noted in our original idea. We reached as high as 1.26993 and have pulled back since then.
The new candle forming on the 1D chart will either be a retest of the triangle trendline that was broken or a continuation candle to retest the 1.27000 level to see if this level can be broken with a possible further bullish push to the upside.
If the new candle does retest the trendline, it is very important that there is enough buying demand at the trendline to make sure we do not end back below the trendline. If we do go back below the trendline, then we will most likely go back into the range zone of the triangle (highlighted on the chart).
Please do not forget to support us by liking, following, and commenting on our posts; this helps us greatly.
Thank you for your support.
BluetonaFX
