Analysis

Weekly analysis of the GBP\USD pair.

Daily Charts

In the daily chart we can see an Asymmetric Triangle pattern that was recently broken. Pattern is about 650 pips in size - and is highly reliable pattern. Price closed close to the Resistance trendline at Friday, and we would expect a completion of the pullback and continuation up. If pullback does occur, wait for Candlestick confirmation and enter, with target at 1.7200.

EUR\USD Technical Analysis
Judging by the Technical pattern at EUR\USD, this major is preparing for the continuation of the uptrend. This can be inferred by several technical indicators: First of all, the Wedge that price has formed onto this pair. We can see a very precise and clear wedge on hourly chart, showing us that this downtrend is merely temporary and has no real power.

An Ascending Channel recently appeared at the EUR\USD. Channel also touched and retraced to 23.6% of last trend - suggesting that it might by a Flag rather than a Channel. We would expect a breakout downwards in this case.
This pattern also matches the general Bullish signals at the EUR\USD - and upon breakout downwards of the USD\CHF, the EUR\USD is expected to continue its uptrend.

Trading

EUR\USD Analysis
At this chart we can see two chart patterns that support the long bias beyond any doubt. First is the Megaphone which broke up with great strength and velocity. Aggressive traders who were looking for a bounce on the Megaphone's Support trendline could have closed big profits on this trade.