GBP/USD- Completed its descending triangle pattern- What Now?
The GBP/USD broke its descending triangle pattern to the upside on a 30 minute time frame. The triangle completed its bullish pattern which is shown by the yellow triangle pattern on the chart. However, the price is still away from its meaningful resistance level and it may close its gap first before it continues to move back towards its resistance level. The pair is trading above the 50 day (shown in green) and the 100 day (shown in yellow) moving averages which confirm that the bulls are still in control.
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