There is a picture perfect triangle on the 5 minute GBPUSD right now. It seems to be slightly ascending but the preceding trend was very bearish...which way will it blow?
There is a picture perfect triangle on the 5 minute GBPUSD right now. It seems to be slightly ascending but the preceding trend was very bearish...which way will it blow?
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Did you meant on an hourly chart? Because I see on the hourly.
Johnny
JohnnyPhoenix
He who controls the SPICE controls the Forex universe!
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Joined Mar 2006
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Quoting Mykae
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There is a picture perfect triangle on the 5 minute GBPUSD right now. It seems to be slightly ascending but the preceding trend was very bearish...which way will it blow?
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This is an interesting question...
The hourly charts point to an uptrend...
I think the setiment is still dollar bear. On the hourly, we're still in a reasonable level for an uptrend. While the trend itself is shelving, I suspect we could see a move higher.
Of course, it depends on what trend you're looking at...
I suppose you can see it on the hourly chart as well, I just felt you could see it best on the 5 or 15 minute charts. However, in the last 20 minutes or so it has pretty much just fizzled out and not moved in either direction. There seems to be a good bit of activity but neither side can breakout...sigh
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Joined Mar 2006
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Quoting Mykae
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I suppose you can see it on the hourly chart as well, I just felt you could see it best on the 5 or 15 minute charts. However, in the last 20 minutes or so it has pretty much just fizzled out and not moved in either direction. There seems to be a good bit of activity but neither side can breakout...sigh
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Mykae,
We had a brief topside break for around 30 (7860 - 7990) pips on the 5 minute...I don't suspect this will be a sustained break. Instead, it will bounce along resistance of which there are a few levels up there.
1st up is the psychological 7900 (almost hit it already at a high of 7893) mark. After that, there may be more resistance levels that I didn't record, but I suspect it would top out at 7930-7940 if it can break the first resistance.
Don't be surprised if it bounces for a long while...Breaks in either direction on the 5 minute charts will be good for only 5-30 pips at a time....nothing substantial, I would imagine. The dollar had some decent news today, but the long-term sentiment is still dollar bear.
