AvaTrade - Analytics

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    GBP/USD- Symmetrical triangle formed

    The EUR/USD pair is trading above its upward trend line on a 60 minute time frame. This confirms that the trend is towards the upside. The price has also formed a symmetrical triangle pattern, which is ranked towards the bottom of the list in terms of them completing their projections or reliability. IF the pattern breaks towards the down side then we could see the price falling to 1.0804 and if the projection considered towards the upside, then the price could surpass the level of resistance mentioned below.

    The RSI and the MACD are not trading in line with the price action which means that while the price is making the lower low, the indicators are not confirming this.

    Important Zone

    GBPUSD 11-05-2015

    Support Zone

    1.0995-1.0949 Minor

    1.06896-1.0660 Major

    Resistance Zone

    1.1360-1.1440 Minor

    1.1572-1.1652 Major


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