Autochartist has recently identified the Triangle chart pattern on the daily GBP/USD charts.
The overall Quality of this Triangle is rated at the 5 bar level as a result of the medium Initial Trend (5 bars), above-average Uniformity (6 bars) and lower Clarity (4 bars). Point C on the chart below formed when GBP/USD corrected up from the long-term support 1.5300 (which had been stropping all downward price moves of this pair form 2010) running close to the weekly Triangle support trendline from 2009 (point D on the chart below also formed near this support trendline).
Autochartist has also recently identified another bullish chart pattern on the daily GBP/USD charts – Flag, which is enclosed by this Triangle.
The price chart below demonstrates the aforementioned Flag chart pattern developing inside the above Triangle. The fact that Autochartist simultaneously identified two different bullish chart patterns on the daily charts increases the odds that GBP/USD will rise further in the nearest time.
The following monthly GBP/USD chart shows the longer-term picture of this currency pair’s movement:
