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GBPUSD : Triangle Breakout Pattern

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GBPUSD : Triangle Breakout Pattern

GBPUSD Technical Analysis

GBPUSD : On September 3/2019 the pair found a bottom and has bounced higher since. GBPUSD has been making higher highs and higher lows from the September 3/2019 lows indicating that the pair is trending to the upside. Trading with the trend is always recommended at EWF. Near the start of December 2019 I started posting on social media that a visible bullish triangle pattern was forming and to watch for a break higher. Triangle breakouts usually offer a strong and fast thrust on the break.

StockTwits/Twitter November 29/2019

Posted on social media that the bullish triangle pattern was forming and visible. Also posted the level to watch for the breakout (1.2951).

GBPUSD, forex, trading, patterns, technical analysis

StockTwits/Twitter December 2/2019

Posted on social media price broke above triangle and the key breakout level where more bulls/buyers will enter the market to push price higher (1.2950)

GBPUSD, forex, trading, patterns, technical analysis

GBPUSD 4 Hour Chart 12.5.2019

The chart below shows the 4 hour bullish triangle breakout pattern. The pattern was clearly visible and when price broke above the triangle breakout level at 1.2950 GBPUSD pushed hard to the upside hitting my 1:3 RR Target for +195 pips.

GBPUSD, forex, trading, patterns, technical analysis

Of course, like any strategy/technique, there will be times when the strategy/technique fails so proper money/risk management should always be used on every trade. Hope you enjoyed this article and follow me on Twitter for updates and questions> @AidanFX or chat me on Skype > EWF Aidan Chan

*** Always use proper risk/money management according to your account size ***

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About the author  (by EME PROCESSING AND CONSULTING LLC) was founded in 2005 by Eric Morera. Since inception our company has provided tailored Financial Market Services to thousands of clients.

ElliottWave-Forecast has built a reputation on accurate technical analysis and a winning attitude. By successfully incorporating the Elliott Wave Theory with Market Correlation, cycles, proprietary pivot system, we provide precise forecasts with up-to-date analysis for 42 instruments including FX majors, Gold, Silver, Copper, Oil, TNX and major Equity Indices. Our clients also have immediate access to our proprietary actionable trade setups, market overview, 1 Hour, 4 Hour, Daily & weekly wave counts. Weekend webinar, Live Screen Sharing Sessions, Daily Technical Videos, Educational Resources, and 24 Hour chat room where they are provided live updates and given answers to their questions.

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