Following GBPUSD steep decline from 1.50 following Brexit, Price crumbled down to 1.20/19 were price consolidated for a period of time having multiple rejections of 1.20 which cause price to form a Triangle Pattern which causes a accumulation of price as buyers and sellers fight for the next move up or down.
GBPUSD broke to the upside of the Triangle and is creating bullish market structure by creating higher highs and higher lows following the bounces from 1.20 which could be the bottom of GBPUSD
Price is currently sitting on 50.61.8 on the Fib retracement levels which could see price move higher over the coming weeks if GU can gather momentum we could see 1.32 region hit which is Target 1
GBPUSD broke to the upside of the Triangle and is creating bullish market structure by creating higher highs and higher lows following the bounces from 1.20 which could be the bottom of GBPUSD
Price is currently sitting on 50.61.8 on the Fib retracement levels which could see price move higher over the coming weeks if GU can gather momentum we could see 1.32 region hit which is Target 1