GBP/USD Opinion

[usgalla]

We see an Inverse Heads & Shoulders in Formation on GU on 1H Chart. Also a Triangle inside this formation is seen. Possibility of upwards movement is reasonably higher.
But ideally draw this trend lines & watch out for breakouts for Good Gains. Holding period may be for a few days after breakouts.(This was Posted on Other Forums on 1st March & the First Image is of the same)

We had a Breakdown on Cable out of the Triangle and a retracement was also seen to the Breakout Zone. The current position is around 61.8% Fibonacci Retracement Level. Looking at the Current status and a retest of breakout level we may target lower. Considering this as a Retracement to the up move we can consider (Top to 1 = 2 to 3) Targets to be around 1.3775. We also have the 78.6% Fibonacci Retracement Level at 1.3820 which may act as a support level. We would however still consider the Inverse Heads & Shoulders Pattern as Valid till it moves otherwise.

However a Little bit of Caution is always advised.

 

[usgalla]

GBP/USD Has a breakout from a minor upper trendline on Hourly Chart. There is another upper trendline and a major trendline which is also the lower trendline of the triangle pattern discussed earlier. This lower trendline of the major triangle pattern would now act as a stiff resistance. Break above this lines would force us to change our opinions. As of now it would be ideal to stay clear.

Very short term trades to the upside can be considered as there was a breakout of a minor triangle pattern as can be seen on the chart. The Target would ideally be at 1.4325. However this would be possible only if the lower trendline of the Major Triangle Pattern marked with a Green Thick trendline is crossed.