RLinda ! EURGBP-> Triangle pattern. What's next?

11 Okt 2022

EURGBP reacts strongly to the news. Almost a year and a half we have seen a kind of "standing still". The price traded in the range between 0.8770 - 0.8330. In the middle of September the currency pair, under the news pressure, formed an ascending impulse, thus breaking the resistance, reaching the level of 0.9275.

In the phase of formation of the technical rollback from the top at 0.9275 we see a stop of the price in the area of 0.8649 and the formation of a local uptrend, near the support of which the pattern "Triangle" is formed.

This pattern forms an accumulation, foreshadowing further impulse in one direction or the other.

Which way should we wait for the impulse?

• The trend is ascending and after the correction in the area of 0.8649, the price forms a local uptrend channel, which coincides with the trend
  
• The price has also tested the channel support.
  
• There are all the chances of breakdown of the triangle resistance and price growth
  
• Short-term target - resistance 0.8863, medium-term target - liquidity zone 0.8970
  

Regards R. Linda!