GBPUSD Intraday Overview: UK GDP in focus
UK GDP, MP and IP data will be released today. A better than expected data may send Cable 1.3000 and 1.30300.
Disappointing data would trigger the bearish move.
On the H1 Chart, a triangle pattern is being printed. This pattern is a bullish continuation pattern ( Targets are limited ).
Breakout of the triangle can be used as a buying opportunity by the intraday traders.
Time Frame: H1
Trade Period: Intraday
Estimated completion time: 2-9 H1 Candlestick
The trend in the Timeframe: Bearish
The trend in the Daily Chart: Bearish
Trade Based On Triangle Pattern
The accuracy of the pattern: 86 %
Recommended Lot Size: 0.05 at 10K
The Area Of The Entry: Estimated breakout 1.29500 – 1.29600
Stop Loss: 1.29300
Target 1: 1.29950
Target 2: 1.30200
The ultimate target of the pattern: 1.30620
Note: UK GDP data would be the determining factor of the direction of the breakout. Negative data would cause the breakdown of 1.29200 support and pair may test 1.28800 and 1.28500. It would be wise to wait for the UK data to enter the trade. – Long or Short –
Update: UK Data does not meet the expectations. Potential Bearish Continuation towards 1.28300 – 1.28170.
Bullish White Swan and Alt Bat Pattern for retracement:
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DISCLAIMER: This is a technical analysis study, not advice or recommendation to invest money
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