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GBPUSD [Buy the Rumors & Sell the News] Triangular Contraction

Short
British Pound / U.S. Dollar (FX:GBPUSD)  
andrew-profit-trader-winner Updated   
FX:GBPUSD   British Pound / U.S. Dollar
7
0
Observation
Price reach highest since last Feb 28 this year

Contracting Triangle - Wider opening
News Mar 21: GBP CPI YoY (FEB) Forecast 2.1%, Actual 2.3%, Previous 1.8%
BUT Not enough momentum to break dynamic resistance

Contracting Triangle - Narrower opening
News Apr 4: pending

Analysis
If price action remains in this area (will not break dynamic resistance)
then market confidence will fade and price will go down

Order: SHORT
Comment:
Price action nearly touch the dynamic resistance.
High probability for a breakout.
Opportunity for a hedge on the narrower triangular contraction.
Comment:
Price has respected the dynamic resistance of the channel.

High probability price will go and seek to touch dynamic support.

Probably go for short now.
Comment:
Price Stop at the Dynamic Resistance of the Triangular Contraction.
Then market decides to break it.

Strong move.

Market may now be in consolidation mode.
Comment:
Price kept testing the strength of the Dynamic Resistance of the narrower Triangular Contraction but it give way and break it strongly.
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