GBPUSD short and long term analysis
GBPUSD
Price finds first resistance (1), which will be the horizontal resistance for the rest of the pattern formation, where it reverse direction goes downwards till finding first support (2), which will be the lowest low in the pattern. Price action reverse direction from support (2) and goes upwards, till finding the second resistance (3), which will be -around- the same rate of the first resistance (1). Price action reverse direction from resistance (3) and goes downwards, till finding the second support (4), which must be higher than the first support (2). The pattern is completed when price action reverse direction from (4) and goes upwards till it breaks the triangle's upper horizontal border at point (5).
STRATEGY: PRICE ACTION
GBPUSD
Price finds first resistance (1), which will be the horizontal resistance for the rest of the pattern formation, where it reverse direction goes downwards till finding first support (2), which will be the lowest low in the pattern. Price action reverse direction from support (2) and goes upwards, till finding the second resistance (3), which will be -around- the same rate of the first resistance (1). Price action reverse direction from resistance (3) and goes downwards, till finding the second support (4), which must be higher than the first support (2). The pattern is completed when price action reverse direction from (4) and goes upwards till it breaks the triangle's upper horizontal border at point (5).
STRATEGY: PRICE ACTION