ZuluTrade Blog

Market View

GBPUSD Technical View and Scenarios

Friday, February 24, 2017 5:52 AM GMT

Pound had the best performance against the major currencies yesterday. The Pound Dollar pair broke out the triangle pattern upwards and had an amazing bullish run. CBI retail Sales announcement yesterday presented a significant increase in February.  If we are looking for the next catalyst news for the Pound, we can consider Scotland’s new potential independence referendum. This will give interesting volatility on all GBP pairs. As for today, there is no major news for the pound. 

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Source: ZuluTrade's Calendar

Technical View


As stated, there was a bullish break out of the triangle pattern. The triangle’s target is very close to the upper trendline (area zone).  We have noted the green level 1.2514, which was the trigger entry on our trading plan in our previous post.



Going in lower on hourly timeframe, we have noted all the possible scenarios. If the triangle’s breakout is valid, the price must remain above the broken trendline or even better above the green zone.

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