Autochartist Forecast
GBP/USD Nears Ascending Triangle Resistance
The GBP/USD had been losing ground early in the London session, only to find near term support just below 1.6500. The Continuation Channel Up Emerging Pattern alert shows the uptrend line support on the 15 minute chart as the pound gains on the dollar. The U.S. Dollar has once again sliced down through the 80.00, losing support at this key level. The Initial Trend on this pattern alert is indicating a slowing trend but excellent pattern Uniformity and Clarity.
If the GBP/USD's near term uptrend is slowing, a good next step would be to consider the set ups that are now only possible on the 15 minute chart:
1) another bounce off the uptrend line for a a trend follow, or:
2) a reversal through the same level, or:
3) a breakout through the uptrend resistance line, just above 1.606.
The 240 minute is feeding into the reversal scenario that the 15 minute chart is potentially pointing to.
The Reversal Ascending Triangle Emerging Pattern alert has a weak Initial Trend reading and sets up an exhaustion play off the resistance (green) line of the triangle. The resistance is a soft area that spans the 1.6500 to 1.6550 levels. The rally on the 15 minute chart is what would set up the resistance play on the longer term 240 minute chart. The reversal -- if it occurs -- would break the uptrend line support of the 15 minute pattern as the 240 finds resistance at 1.6500.
If the GBP/USD's near term uptrend is slowing, a good next step would be to consider the set ups that are now only possible on the 15 minute chart:
1) another bounce off the uptrend line for a a trend follow, or:
2) a reversal through the same level, or:
3) a breakout through the uptrend resistance line, just above 1.606.
The 240 minute is feeding into the reversal scenario that the 15 minute chart is potentially pointing to.
The Reversal Ascending Triangle Emerging Pattern alert has a weak Initial Trend reading and sets up an exhaustion play off the resistance (green) line of the triangle. The resistance is a soft area that spans the 1.6500 to 1.6550 levels. The rally on the 15 minute chart is what would set up the resistance play on the longer term 240 minute chart. The reversal -- if it occurs -- would break the uptrend line support of the 15 minute pattern as the 240 finds resistance at 1.6500.
29 June | 
0 comments
0 comments
