FX.co ★ Actual patterns. Technical analysis and trading recommendations

According to the chart of M5, GBPUSD formed the Bullish Symmetrical Triangle pattern. Description: This is the pattern of a trend continuation. 1.3023 and 1.2951 are the coordinates of the upper and lower borders respectively. The pattern width is measured on the chart at 72 pips. Outlook: If the upper border 1.3023 is broken, the price is likely to continue its move by 1.2998.

The Double Top reversal pattern has been formed on GBPUSD M5. Characteristics: the upper boundary 1.2948; the lower boundary 1.2928; the width of the pattern is 21 points. Sell trades are better to be opened below the lower boundary 1.2928 with a possible movements towards the 1.2913 level.

According to H1, GBPUSD is shaping the technical pattern – the Inverse Head and Shoulder. In case the Neckline 1.2937/1.2931 is broken out, the instrument is likely to move toward 1.2971.

According to the chart of M30, GBPUSD formed the Bullish Symmetrical Triangle pattern. The lower border of the pattern touches the coordinates 1.2876/1.2915 whereas the upper border goes across 1.2971/1.2915. If the Bullish Symmetrical Triangle pattern is in progress, this evidently signals a further upward trend. In other words, in case the scenario comes true, the price of GBPUSD will breach the upper border to head for 1.2945.

The Double Bottom pattern has been formed on GBPUSD M5; the upper boundary is 1.2948; the lower boundary is 1.2934. The width of the pattern is 14 points. In case of a break of the upper boundary 1.2948, a change in the trend can be predicted where the width of the pattern will coincide with the distance to a possible take profit level.