Bullish GBPUSD - 03 November 2022

EURUSD Forex

GBPUSD

Bullish Closed

A Price Action Ascending Triangle pattern formation on the 4 Hour time frame chart supports GBPUSD Bullish bias. A break of 1.15988 will support the rise towards the target of 1.18392 the break of 1.18392 would push the price to 1.19995.

SUPPORT AND RESISTANCE LEVELS

Pivot Point 1.23676
Support S1: 1.23643, S2: 1.23626 , S3: 1.23593
Resistance R1: 1.23693 , R2: 1.23726 , R3: 1.23743

Summary

Instrument :

GBPUSD

Direction :

Bullish

Pattern Name :

Ascending Triangle

Probability :

47%

Entry Level :

1.15988

Activation Time :

2022-10-26 09:00

Age :

39 Bars

Progress :

18%

Close Time :

2022-11-03 10:00

Time Frame :

4 Hour

Status :

Closed

CHART ANALYSIS

MORE SIGNALS

MEMBERS ONLY

Ascending Triangle

An ascending triangle is a chart pattern used in technical analysis. It is created by price moves that allow for a horizontal line to be drawn along the swing highs, and a rising trend line to be drawn along the swing lows. The two lines form a triangle. Traders often watch for breakouts from triangle patterns. The ascending triangle is a bullish formation that usually forms during an uptrend as a continuation pattern. There are instances when ascending triangles form as reversal patterns at the end of a downtrend, but they are typically continuation patterns.