GBPUSD - Tea Time :) - Cup and Handle Formation
Hi Traders!
We here have a Cup and Handle formation, because you see the market was collapsing since 21st October after the swing high.
Then it falled until the support at 1.28000.
After that you can see that the market was rising along the trendline.
Finally it reached the support at 1.29700 and it is now in a descending parallel channel.
We expect the market to break out and rise until the resistance at 1.31000.
Thanks and good luck :)!
We here have a Cup and Handle formation, because you see the market was collapsing since 21st October after the swing high.
Then it falled until the support at 1.28000.
After that you can see that the market was rising along the trendline.
Finally it reached the support at 1.29700 and it is now in a descending parallel channel.
We expect the market to break out and rise until the resistance at 1.31000.
Thanks and good luck :)!