GBP/USD – Higher bottom in place…need higher tops now!
Daily chart – Bullish break from symmetrical triangle is pretty much a done deal
A rebound from 1.3065 on Thursday has put in place a higher bottom formation and we also have a bullish break from symmetrical triangle formation.
Thus, one may be compelled to think, the doors are open for a sustained rally in the pair.
However, the spot needs to break above 1.3279 (Aug 26 high) as such a move would complete higher tops and higher bottoms formation.
Overall, caution is still advised as long as the spot is below 1.3279.
A rebound from 1.3065 on Thursday has put in place a higher bottom formation and we also have a bullish break from symmetrical triangle formation.
Thus, one may be compelled to think, the doors are open for a sustained rally in the pair.
However, the spot needs to break above 1.3279 (Aug 26 high) as such a move would complete higher tops and higher bottoms formation.
Overall, caution is still advised as long as the spot is below 1.3279.
