Pattern RadarThe 60 minute chart of the GBP/USD (aka the “cable”) is squeezing into a triangle pattern as prices are congesting within uptrend line support (B) and a double top (A). The horizontal resistance of the
double top makes this an asymmetrical triangle with the two highs at 1.6021 and 1.6022. Uptrend line support is currently at 1.5915.
The set ups [...]
The intraday GBP/USD closed Friday as the pair began a difficult climb from 1.5900. As the 60 minute chart is consolidating into an accumulation cycle this is excellent time to look for break outs from the Continuation Triangle pattern alert.
The Initial Trend (C) is confirming the slowdown of the downtrend that preceded this pattern and prices have not only [...]
The MT4 allows pattern alert customization. On this chart there is complete pattern and two emerging patterns on this 60 minute chart. The falling wedge complete pattern (C) has the Forecast Region (D)
plotted. Prices have since stalled and formed two new patterns. The MT4 platform with the Autochartist plug-in allows for simultaneous patterns to be visible on the same [...]
The GBP/USD has formed two downtrending patterns on the shorter term intraday timeframes. The 15 and 30 minute charts have alerted a falling wedge and channel down pattern respectively. Let’s take a look at the 15 minute chart with the Continuation Falling Wedge.
The pattern shows the resistance currently holding the downtrend in place. However not [...]
The GBP/USD has rallied to make a triple top as prices are once again being rejected by the 1.6550 ceiling. The Continuation Channel Up Emerging pattern is a wide pattern but it shows some very important clues about what could be coming next for the pair known as the “cable”.
Notice that prices has exhausted at [...]
The GBP/USD has formed a Rising Wedge Emerging Pattern alert which with the current uptrend could have the potential to test 1.6380. The Initial Trend is low and that is partially due to the fact that prices, since the European open, have begun to congest below the 1.6350 psychological level.
This ceiling is currently being balanced [...]
The GBP/USD has been trending lower since the high made at 1.6744 on June 30th. The 60 minute chart has alerted a Reversal Channel Down Emerging pattern which has excellent Initial Trend although is weak on Uniformity. A word about Uniformity: it’s the measurement of the touchpoints that create the lines of the patterns. In [...]
The chart pattern alert for the 240 minute GBP/USD is a Continuation Falling Wedge and like any trending pattern there is the possibility for both the trend follow and the trend reversal. Here the decision level is the downtrend line resistance (green).
The breakout would trigger a buy if prices broke the 1.4690 level and this [...]