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GBPUSD Intraday Overview: UK GDP in focus

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.

Pattern Setup:

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

Trade: Long

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:

GBPUSD ALT BAT

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DISCLAIMER: This is a technical analysis study, not advice or recommendation to invest money

GBPUSD: Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. Chartreaderpro does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility

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