GBP\USD Weekly FOREX 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.

Weekly Charts

At the weekly charts we can identify another pattern, which supports the Bullish movement: Round Bottom. Price has formed a very precise Round Bottom, which suggest a movement upwards. We can see that the Asymmetric Triangle at daily charts was merely the touch of Resistance and the breakout of the Triangle was also breakout for the Round Bottom. This implies that our target can be higher and more distant: 1.9200.