Article Summary:

Daily updated information, tips on forex news, forex quotes, forex broker, forex charts, and various forex resources.A somewhat rough symmetrical triangles pattern has formed on the D1 timeframe chart of the GBP/JPY currency pair. Considering the general bearish trend on this timeframe period, the pair has an elevated chance of breaking for a downtrend


Article Content:
A somewhat rough symmetrical triangles pattern has formed on the D1 timeframe chart of the GBP/JPY currency pair. Considering the general bearish trend on this timeframe period, the pair has an elevated chance of breaking for a downtrend with a target somewhere close to 137.50. A signal would be a close below the lower border of the triangle with a consecutive bounce off this limit (southwards, of course). The bullish breakout is definitely possible too, but I wouldn’t consider such signal, as there is a strong chance of some really freakish fakeout in a bullish side with this pattern. Look at the pattern below and don’t forget to click the image to get a full-size chart:

(…)Read the rest of Symmetrical Triangles on GBP/JPY D1 — December 20th 2009 (18 words)

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Posted on Forex blog.

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