H1 ascending triangle likely to breakout higher
GBP/USD:
Monthly timeframe:
(Technical change on this timeframe is often limited though serves as guidance to potential longer-term moves)
Although March clocked levels not seen since the 1980s, ahead of a 127.2% Fib ext. level at 1.1297, price staged an impressive recovery and regained approximately 80% of the month’s losses.
Support at 1.1904/1.2235 remains relevant in April, despite recent moves to said lows. Nearby resistance can be seen in the form of a trendline formation (1.7191).
Concerning the primary trend, lower peaks and troughs have decorated the monthly chart since early 2008.
Daily timeframe:
Partially altered from previous analysis -
Supply at 1.2509/1.2372 had its upper edge tested Monday, with some traders likely betting on increased buying to demand-turned supply at 1.2649/1.2799, an area that aligns with a 200-day simple moving average (SMA) at 1.2647.
The RSI indicator is seen making its way north of 50.00, eyeing a possible test of highs at 60.00, followed by 70.00, the traditional overbought value.
H4 timeframe:
Partially altered from previous analysis -
Sterling chalked up its sixth successive daily gain Monday amid a declining buck, drawing the candles into supply fixed at 1.2622/1.2517 which merges with a 61.8% Fib level at 1.2499 (green).
A rotation from the said base could lead to a pullback to familiar demand at 1.2147/1.2257.
H1 timeframe:
Technical development on the H1 timeframe has price action rebounding from the 1.25 handle, encased within the limits of what appears to be an ascending triangle pattern. The ascending triangle is a bullish formation that usually forms during an uptrend as a continuation pattern.
A breakout above the current triangle pattern, nevertheless, lands the candles within an area of supply from 1.2610/1.2549, an area containing the 1.26 handle within its upper limit.
Structures of Interest:
Monthly buyers are attempting to regain a foothold off 1.1904/1.2235, with daily price attacking the upper limit of supply at 1.2509/1.2372. H4 is seen crossing paths with supply at 1.2622/1.2517, while H1 displays an ascending triangle pattern off the 1.25 handle.
A breakout of the H1 triangle formation is likely on the cards. Although H4 tests supply and H1 shows supply fixed north at 1.2610/1.2549, monthly price is eyeing higher levels as is daily movement after clipping the upper edge of supply at 1.2509.
Ascending triangle take-profit targets are generally measured by taking the base value and adding this to the breakout point.
Monthly timeframe:
(Technical change on this timeframe is often limited though serves as guidance to potential longer-term moves)
Although March clocked levels not seen since the 1980s, ahead of a 127.2% Fib ext. level at 1.1297, price staged an impressive recovery and regained approximately 80% of the month’s losses.
Support at 1.1904/1.2235 remains relevant in April, despite recent moves to said lows. Nearby resistance can be seen in the form of a trendline formation (1.7191).
Concerning the primary trend, lower peaks and troughs have decorated the monthly chart since early 2008.
Daily timeframe:
Partially altered from previous analysis -
Supply at 1.2509/1.2372 had its upper edge tested Monday, with some traders likely betting on increased buying to demand-turned supply at 1.2649/1.2799, an area that aligns with a 200-day simple moving average (SMA) at 1.2647.
The RSI indicator is seen making its way north of 50.00, eyeing a possible test of highs at 60.00, followed by 70.00, the traditional overbought value.
H4 timeframe:
Partially altered from previous analysis -
Sterling chalked up its sixth successive daily gain Monday amid a declining buck, drawing the candles into supply fixed at 1.2622/1.2517 which merges with a 61.8% Fib level at 1.2499 (green).
A rotation from the said base could lead to a pullback to familiar demand at 1.2147/1.2257.
H1 timeframe:
Technical development on the H1 timeframe has price action rebounding from the 1.25 handle, encased within the limits of what appears to be an ascending triangle pattern. The ascending triangle is a bullish formation that usually forms during an uptrend as a continuation pattern.
A breakout above the current triangle pattern, nevertheless, lands the candles within an area of supply from 1.2610/1.2549, an area containing the 1.26 handle within its upper limit.
Structures of Interest:
Monthly buyers are attempting to regain a foothold off 1.1904/1.2235, with daily price attacking the upper limit of supply at 1.2509/1.2372. H4 is seen crossing paths with supply at 1.2622/1.2517, while H1 displays an ascending triangle pattern off the 1.25 handle.
A breakout of the H1 triangle formation is likely on the cards. Although H4 tests supply and H1 shows supply fixed north at 1.2610/1.2549, monthly price is eyeing higher levels as is daily movement after clipping the upper edge of supply at 1.2509.
Ascending triangle take-profit targets are generally measured by taking the base value and adding this to the breakout point.
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