Baxia Markets
July 15, 2021

GBPUSD is building ascending triangle

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The price of GBPUSD reached the highest of the year on June 1st, which was 1.425, a high resistance level. Then this resistance area pushed the price to go down until July 5th; the price met the support area. So far, we cannot say if the price is getting a new upward trend; however, we at least see some signals.



The price has been making an ascending triangle since July 8th. Now, the triangle has almost finished. As we all know, the ascending triangle is a bullish signal. Once the triangle is finished, the price could break up sooner. So we need some backup here. 




The Bollinger Bands are slightly shrinking, which means the price could be preparing a breakout soon. Also, the Ichimoku cloud  just ended the twist with the price line and started to move down below candles, which is also a bullish signal. 


Stochastics and RSI are moving down; however, the divergence between price line and Stochastics is clear. The price is going up for now. 


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