May 21, 5:39 PM GMT
The GBP/USD is marching sideways over the last hour, possibly as traders await Ben Bernanke speech at 6 PM GMT.
A very small ascending triangle has formed within a larger ascending triangle. Prices have just broken down out of the small triangle, but a break of the larger formation would be much preferred. Both triangles share the same resistance line.
Currently the ascending trend line (the larger one) offers support at 1.5890, although as time passes this will move up. Resistance can be found at 1.5940.
A break below the rising trend line (large one) would offer a target of 1.5730 (based on a 1.5890 break price). A break above horizontal support at 1.5940 would indicate a target of 1.6100.
Closer profit targets are offered by the small triangle and indicate moves to 1.6010 on a break higher, and 1.5860 on a downside break below the larger trend line.
- Source: Forexyard, GBP/USD 15 Minute Chart
~Cory Mitchell, CMT
Market Strategist
Remember, failed breakouts are tradeable too!
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Tags: forex, forex broker, forex market analysis, forex market commentary, forex signals, forex technical analysis, forex trades, free forex signals, gbp, gbp/usd, usd
GBP/USD Forex Day Trading Idea -May 22
May 21, 5:39 PM GMT
The GBP/USD is marching sideways over the last hour, possibly as traders await Ben Bernanke speech at 6 PM GMT.
A very small ascending triangle has formed within a larger ascending triangle. Prices have just broken down out of the small triangle, but a break of the larger formation would be much preferred. Both triangles share the same resistance line.
Currently the ascending trend line (the larger one) offers support at 1.5890, although as time passes this will move up. Resistance can be found at 1.5940.
A break below the rising trend line (large one) would offer a target of 1.5730 (based on a 1.5890 break price). A break above horizontal support at 1.5940 would indicate a target of 1.6100.
Closer profit targets are offered by the small triangle and indicate moves to 1.6010 on a break higher, and 1.5860 on a downside break below the larger trend line.
~Cory Mitchell, CMT
Market Strategist
Remember, failed breakouts are tradeable too!
—————————
Are you interested in getting into trading? Or if you are already trading and dissatisfied with your broker, check out mine at Forexyard. Switch to Forexyard, open a Standard account and receive up to a $1,000 bonus.
Open a SuperMini or Standard account now and receive a 100% cashback worth up to $300.
Open a Standard account and trade commodities, receive 10% cashback worth up to $1,000.