STERLING GBP/USD BREAKOUT RESISTANCE TRIANGLE DURING THE NFP
The British Pound is poised to close a third consecutive daily advance against the US Dollar with GBP/USD up more than 0.5% for the week. The advance takes Cable into initial resistance targets with US Non-Farm Payroll. The sterling breakout the resistance triangle line, and it looks that bulls are moved into the market. The price bounce and confirm the key support line on September 1st and yesterday with impulse bar during the time of NFP, and the price looks at the next higher level at 1.3880. If this level is breached, it is possible to test the key and psychological level at 1.40.
In order to start examining whether the latest recovery marked by the recent upside line was just a corrective recovery, we would like to see a dip below 1.3730. This will confirm a forthcoming lower low on the 4-hour chart and may initially pave the way towards the 1.3681 support, the break of which could extend the fall towards the low at around 1.3600.
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In order to start examining whether the latest recovery marked by the recent upside line was just a corrective recovery, we would like to see a dip below 1.3730. This will confirm a forthcoming lower low on the 4-hour chart and may initially pave the way towards the 1.3681 support, the break of which could extend the fall towards the low at around 1.3600.
Risk Disclosure: Trading Foreign Exchange (Forex) and Contracts of Difference (CFD's) carry a high-risk level. By registering and signing up, any client affirms their understanding of their own personal accountability for all transactions performed within their account and recognizes the risks associated with trading on such markets and such sites. Furthermore, one understands that the company carries zero influence over transactions, needs, and trading signals. Therefore, it cannot be held liable nor guarantee any profits or losses.