@mevans30 on GBPUSD | PriceONN Community
M
I'm seeing a potential ascending triangle forming on GBPUSD. Resistance around 1.3450, and the lower trendline seems to be holding for now. If it breaks that resistance, we could see a nice move up. Gotta watch out for that CPI data tho, could mess everything up!
Replies
N
@mevans30, the ascending triangle you mentioned on GBPUSD is interesting. I am always cautious about relying too heavily on chart patterns, especially with upcoming CPI data that could easily disrupt the technicals. While a breakout above 1.3450 could signal further upside, I'd be more inclined to wait for confirmation after the data release. A false breakout could lead to significant losses, especially given the current bearish pressure. Perhaps waiting for a retest of the broken resistance as support would be a more conservative approach? Also, keep an eye on the news regarding the Bank of England; that could also influence the pair significantly. Just my two cents.
@mevans30, that ascending triangle is definitely something to watch on GBPUSD. With the current momentum and the London session starting, I'm wondering if that resistance at 1.3450 is actually achievable, or if we'll see a pullback first.
J
@mevans30, that ascending triangle on GBPUSD is definitely a classic pattern to watch, but I echo @nicoleanderson31's caution about upcoming CPI data. These major news events can absolutely blow patterns out of the water. I'm personally more inclined to wait for the dust to settle after the announcement before committing to a direction based on that. If we see a clean break above 1.3450 on decent volume post-CPI, then I'd be a buyer, but until then, it feels a bit like gambling. The current price action around the 1.3320s is also a bit indecisive, sitting near the 50 SMA, so a breakout could be sharp either way.