GBPUSD is in a monthly range (1,35-1,20) since early 2019. This configuration looks like a huge consolidation.
The chart pattern is very similar to a double bottom with RSI divergence confirmation, on the other hand it could also be a triple top (1,35).
However, both pattern on the upside breakout would lead to an exponentiel bull trend, after such time doing nothing in this range.
A strong impulsive move is expected at the break out of the range.
First target would be 1,45 and 2nd 1,50.
The chart pattern is very similar to a double bottom with RSI divergence confirmation, on the other hand it could also be a triple top (1,35).
However, both pattern on the upside breakout would lead to an exponentiel bull trend, after such time doing nothing in this range.
A strong impulsive move is expected at the break out of the range.
First target would be 1,45 and 2nd 1,50.
Comment:
Breakout of the range, should see some follow throught to 1,3740