16 April 2018
As we can see on chart GBPUSD declined from 1.3350 to 1.2910 in Feb 2019 and marked difference of 440 pips which would help to set target price once confirmed, market has formed symmetrical patterns. After formed first 2 points market is trading in boundaries and forming higher low & lower high which is showing symmetrical pattern formation and completed 4 points as upper line is sloping down and lower line is sloping up. A symmetrical patterns takes minimum 3 weeks in formation as below chart time duration is about 6-7 weeks which is good for this pattern. Momentum indicator (RSI & William%) showing the uptrend that would help to breakout the upper trend line at 1.3130 levels and confirmed the view. Once 1.3130 breaks our target is 1.3530 (1.3090+440).
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