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GBP/USD Awaiting Triangle Breakout
Cyprus; non-reaction: The Cyprus bailout news that hammered the EUR did not appear to have affected the GBP/USD. It can be argued that GBP is almost like a safe-haven relative to EUR in this type of euro-negative news. But compared to USD, which benefits from safe-haven flow more so than the pound, GBP should be dragged down by the EUR-negative news. The jury is still out, as GBP/USD traded sideways to start this week. Triangle: The 1H chart shows the GBP/USD developing a triangle pattern over the 3/15 and 3/18 sessions. It can be a descending triangle, but does also show some higher lows during the 3/18 session, ... (full story)