GBP/USD - LONG based on Pennant (1h) + Ascending Trendline (1D)
Based on the 1hr chart where a Bullish Pennant Pattern is forming, further upside is likely.
While on Daily, the price remains in an Upward Trendline which is on its way to forming an Ascending Triangle which I believe has 1-2 more pushes to the upside before being considered a good SHORT opportunity.
Price also remains above EMA on Daily + 4hr, while testing 2hr & below.
While on Daily, the price remains in an Upward Trendline which is on its way to forming an Ascending Triangle which I believe has 1-2 more pushes to the upside before being considered a good SHORT opportunity.
Price also remains above EMA on Daily + 4hr, while testing 2hr & below.
Comment:
Here's the 1hr chart but cleaned up (no gridlines) & using Heikin Ashi Candlesticks.
Overall selling pressure appears to be capped.
However, time will tell once London trading session opens in just under 2hrs
Overall selling pressure appears to be capped.
However, time will tell once London trading session opens in just under 2hrs
Trade closed: stop reached:
The Ascending Triangle was breached and the price dropped like a rock, hitting all 3 SL setups for varying risk appetites.
imgur.com/a/4TGjfSz