Baxia Markets
October 07, 2021

GBPUSD: Ascending triangle is coming to an end

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Although the previous downward trend had lasted for almost two weeks, the support showed up at the end of September. As can be seen, the price started to make waves after the first support point; the support points were getting higher, then the movements became a popular pattern, an ascending triangle. The ascending triangle is always considered a bullish signal. So, will the price break up as the pattern reveals?




For now, the pattern is almost finished. The Bollinger Bands shrunk, which is a breakout signal. Also, the MACD lines twist together and are about to make a bullish cross. The Ichimoku cloud is showing a breakout signal now; the cloud is getting thinner and twists with the price line. However, the price moved beyond the Ichimoku cloud; it is still a breakup signal even just a little now. Standard Deviation is getting down, which means the current trend could continue. 


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