GBP/USD: 4-hour
Last but not least is this symmetrical triangle forming on Cable’s 4-hour forex time frame. The pair is currently testing the top of the triangle around the 1.5600 major psychological level, still deciding whether to make a move back to the bottom or to go for an upside break. Stochastic is suggesting a potential selloff since the oscillator is crawling down from the overbought area while moving averages are sitting tight and barely giving any good clues at the moment. A selloff could lead to a test of support at the 1.5500 major psychological level or even a breakdown if pound bears are strong enough. On the other hand, an upside break could mean around 700 pips in gains, which is roughly the same size as the formation.
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