GBPUSD 4H Symetrical triangle + Bullish market structure

10 ม.ค.

On the 4H chart for the GBPUSD we are getting a symetrical triangle

Since the end of October we can observe a well defined Bullish market structure ( orange line ) which indicate an up trend

For higher success ratio, you are looking for a breakout to the up side from the chart pattern as it will align with the general trend

Additional factors to take in consideration:

- The low points of the symetrical triangle pattern have bounced up from a support range created from the previous major low in this Bullish market structure and from the 200 SMA

- Few candles back the 20 and 50 SMAs produced a Bullish cross. If the price goes up and breaks above the chart pattern, we will likely get a proper alignment of the price and the 20, 50 and 200 SMAs to give further confirmation of a further movement to the up side