Comments on: GBP/USD - Triangle, Uptrend, Rounded Bottom

By: Gregory Bylos

Gregory Bylos — Thu, 02 Jul 2009 11:39:44 +0000

Yeah it really does help, thanks James.

Looks like it’s going to break bottom of triangle now just to spite me.

By: James Chen

James Chen — Wed, 01 Jul 2009 15:09:07 +0000

Hi Gregory,

Thanks for your question! GBP/USD is still consolidating as of this writing. That breakout above 1.6660 was a false, or at best, premature, breakout. On the daily chart, the close of that bar was well within the triangle. At this point, there hasn’t really been a triangle break, but we are closely approaching the apex. If price continues to consolidate sideways as it has been, this triangle will likely be invalidated altogether. Hope that helps. Thanks, Gregory!

- James Chen

By: Gregory Bylos

Gregory Bylos — Tue, 30 Jun 2009 18:15:33 +0000

Hey James, price on the GBP/USD has broken above the triangle, and above the 1.6660 level you mention on this chart. However, price has quickly retraced back to 1.6451 (as of this writing). Are you considering this a breakout?

Thanks,