GBPUSD being squeezed, watch for the breakout
GBPUSD is being squeezed in a triangle formation. When such a pattern occurs, it usually means there'll be a strong acceleration in the direction of the break out. Our 1st major level of resistance is at 1.4135 which is a 61.8% Fibonacci retracement and horizontal swing high resistance level. Our major level of support is at 1.3766 which is a long term 23.6% Fibonacci retracement, a 100% Fibonacci extension, ascending support and horizontal swing low support.
If price breaks either of these levels, then we could be seeing a strong acceleration in either direction.
Stochastic (21,5,3) is seeing major resistance below 94% where a corresponding reaction could occur.
If price breaks either of these levels, then we could be seeing a strong acceleration in either direction.
Stochastic (21,5,3) is seeing major resistance below 94% where a corresponding reaction could occur.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.