Autochartist Forecast

Here are three chart patterns from today's GBPUSD short term frames. The top pattern (1) is taken from the 240 minute time frame. (1) is a continuation triangle with resistance (A) around 1.6530 and support (B) around 1.5830. The middle pattern (2), a three-point Fibonacci retracement in the 60 minute time frame, is showing retracement levels between 1.6440 and 1.6330. The bottom pattern (3), is a complete triangle in the 60 minute time frame that ended at 6:00 this morning. Its prediction area (C) lies between 1.6310 and 1.6210. The time frame of (3) has been indicated in dotted lines on (1). So, what is in store short term for GBP/USD if we look at these patterns? (3) indicates that price will most likely reach the prediction area (C) before returning to its support level (D) around 1.6400; with (2) showing probable price movement between 1.6430 and 1.6330, the same area where price is moving at the end of (1).