GBP/USD Symmetrical Triangle Setup: Bullish Breakout?

31 Oca

Here's an analysis based on the chart:

Key Observations:

1. **Bullish Triangle Pattern:**
- A symmetrical triangle or wedge is forming, suggesting potential consolidation before a breakout.
- The upward trendline indicates possible bullish momentum as price approaches a breakout point.

2. **Price Levels:**
- Resistance: 1.24860 (shown as the 1.13 Fibonacci extension level).
- Support: Around 1.24100, where price is currently hovering near the trendline.

3. **RSI (Relative Strength Index):**
- The RSI is above 50, which leans toward bullish momentum.
- Divergence may be forming as price action creates higher lows while RSI doesn't show the same strength.

4. **Candlestick Patterns:**
- Multiple rejections around support suggest buying pressure near the trendline.

Trading Implications:

1. **Bullish Breakout Setup:**
- If price breaks above 1.24860, it could signify a continuation to higher levels, potentially targeting a Fibonacci extension level beyond 1.25.

2. **Reversal or Bearish Setup:**
- If price fails to hold the ascending trendline, expect a move downward, potentially testing 1.23900 or lower.

3 Şub

Emir iptal

Price violated the Fibonacci ratio