GBPUSD Breaks Out of Symmetrical Triangle with Three White Soldiers

Market Analysis – July 16

GBPUSD bulls have successfully enforced a breakout from a symmetrical triangle on the daily chart. The bullish momentum was remarkable, highlighted by the appearance of the three white soldiers pattern just before and immediately after hitting the resistance trendline of the symmetrical triangle.

GBPUSD Key Levels

Demand Levels: 1.2860, 1.2390, 1.1860
Supply Levels: 1.3130, 1.4000, 1.5000

Long-Term Trend: Bullish

A triple top pattern led to a price reversal after testing the resistance trendline on the GBPUSD daily chart in June. The price pulled back to a breaker block within the range of a fair value gap, providing support.

The Hull Butterfly Indicator turned bullish after testing the breaker block in late June. This shift led to a price surge back to the resistance trendline. The ascent paused at the resistance trendline for two days before the uptrend resumed. The momentum of the bullish trend is currently at its highest since the beginning of the year, as indicated by the Momentum Indicator.

Short-Term Trend: Bullish

The next resistance level in sight is the swing high of 1.3140, which would be a desirable target according to the best forex signals. On the lower timeframe, the price is pulling back to a bullish order block, which is expected to foster the continued rise of GBPUSD’s price.

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