GBP/USD in breakout mode
Fundamentally, we are waiting for the general elections in early December.
We had negative , below expectations figures today for the UK PMIs.
Technically, sterling is trading in a slightly down channel which could be a bull flag given a very fast recovery from all time lows recently.
On the daily chart, we have 2 scenarios:
1- prices keep trading in a range and forms a rectangle, which is a continuation pattern (bullish).
2- prices complete a triple top formation and breaks to the downside (bearish).
In my opinion, the catalyst will be the results of the elections soon..
Good luck
We had negative , below expectations figures today for the UK PMIs.
Technically, sterling is trading in a slightly down channel which could be a bull flag given a very fast recovery from all time lows recently.
On the daily chart, we have 2 scenarios:
1- prices keep trading in a range and forms a rectangle, which is a continuation pattern (bullish).
2- prices complete a triple top formation and breaks to the downside (bearish).
In my opinion, the catalyst will be the results of the elections soon..
Good luck
Ramzi Abou Abdallah, CFTe, CMT
Feragatname
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