namah

GU_ascending triangle (continued)

FX:GBPUSD   Pound Sterling/U.S. Dollar
23 0 3
1.2365 support & 1.2602 resistance
Comment: ..and yes ascending triangle breakout at arnd 1.2602....check the up move...heading towards 1.28095
Comment: As had shared earlier, break off from ascending triangle (circled), the decline length has been / will complete at around 1.2089. This should work as a stop (extreme as mentioned earlier is 1.19039). CMP 1.2119.

Check the blue colored (broad) descending triangle as well. Current down trend has more to do with Ms.Theresa May saying that Brexit most possibly be hard (though retracting later). Coming up is UK parliament which is going to discuss the modalities and Article 50, possibly a legislation will have to be passed to trigger the same. All in all, GBP looks dangerously placed, but it reacts to basic news too as we know.
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