Autochartist Forecast
GBP/USD Tests Intraday Resistance
The intraday GBP/USD closed Friday as the pair began a difficult climb from 1.5900. As the 60 minute chart is consolidating into an accumulation cycle this is an excellent time to look for break outs from the Continuation Triangle chart pattern alert.
The Initial Trend (C) confirms the slowdown of the downtrend that preceded this chart pattern. Prices have not only stalled but are testing the downtrend resistance line (A) of the triangle.
With the current positive MACD Histogram the chance of a break to the upside is a confirmed buy trigger. This is also called an Autochartist Initial Movement or "AIM" entry which capitalizes on the breakout from a non-trending market.
The support line (B) of the triangle would be a logical place for a breakdown, as well as a stop loss for the AIM breakout entry.
For further information on this and other chart patterns visit www.autochartist.com
The Initial Trend (C) confirms the slowdown of the downtrend that preceded this chart pattern. Prices have not only stalled but are testing the downtrend resistance line (A) of the triangle.
With the current positive MACD Histogram the chance of a break to the upside is a confirmed buy trigger. This is also called an Autochartist Initial Movement or "AIM" entry which capitalizes on the breakout from a non-trending market.
The support line (B) of the triangle would be a logical place for a breakdown, as well as a stop loss for the AIM breakout entry.
For further information on this and other chart patterns visit www.autochartist.com
5 October | 
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