GBP/USD Breaks Down Out Of Congestion Pattern

Russell Shor, CFTe, MFTA FXCM

The below is the daily chart of the GBPUSD. The currency pair has broken down and out of its symmetrical triangle consolidation pattern (green converging lines). Moreover, the RSI(9) is below 50 and indicative of an underlying bearish momentum (blue rectangle). PM Theresa May is back at work and is under all sorts of pressure. She is currently considering legislation that would push her rejected Brexit plan into law. Her opponents would be able to add their own terms to the bill which would potentially allow it to pass when it comes up for vote. Whether this succeeds and/or rescinds Brexit uncertainty and fosters confidence remains to be seen.

Author

Russell Shor, CFTe, MFTA

FXCM

Russell Shor (MSTA, CFTe, MFTA) has an Honours Degree in Economics from the University of South Africa and holds the coveted Certified Financial Technician and Master of Financial Technical Analysis qualifications from the Interna

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