GBP/USD-Daily overview

2020-02-16 22:57:06

Hello everyone!

-On the daily chart, we can see that the price formed a nice triangle pattern, we can see that the price was moving very nice within the triangle and now the price broke the resistance of triangle pattern with nice dragonfly doji.
-We can see that the price tested resistance line of a triangle pattern and also price tested 50 period EMA so we have double confirmation for support.
-On a daily base, GBP is a little bit stronger than USD and on a weekly base, GBP is very strong, stronger than USD.
-If GBP remains stronger than USD we can expect further bullish movement and if GBP loses its power and USD gain some power we can expect bearish movement.
-WHAT DO YOU THINK ABOUT THIS SETUP?
Please let me know in the comment section!

THANKS FOR READING!

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-Remember this analysis is not 100% accurate. No single analysis is. To make a decision follow your own thoughts. The information given is not a Financial
advice.