Baxia Markets
August 30, 2021

Rising Triangle On GBPUSD

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The previous downward trend had lasted for twenty days since Jul 30. The price had gone mild and in a slight slope of the downward trend; we did not see any crazy drops until Aug 16. The price started to crash; traders shorted their holds. However, this was also the beginning of the rising triangle. So, will a rally come again? 



Actually, the price already met the support. The price was struggling and refused to go down since Aug 20, which was also the end of the big crash, and this wave has recognized the beginning of the rising triangle. As we all know, the rising triangle is a breakout signal, which is upward. Will this one do so?




Recently, the rising triangle is getting close to the end. The price line passed the Ichimoku cloud and touched the upper Bollinger Band. Standard deviation is heading up. And MACD just made a bullish cross. Also, the bulls power shows positive waves. What do you think? I am confident with this upward breakout.


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