By: Dima Chernovolov
I recently subscribed to Autochartist’s latest e-mail feature and received this trade opportunity alert this morning. Autochartist’s latest feature provides traders with a quick morning technical outlook of the markets.
GBP/USD recently broke the support trendline of the 4-hour Triangle chart pattern identified by Autochartist – as is shown on the following trade opportunity alert for this currency pair. The pair is set to fall to the target level 1.5163 in 2 trading days. Autochartist set the stop-level for this forecast at 1.5369 (point B on the chart below, which is the last connecting pivot of the upper resistance trendline of this Triangle). This downward breakout continues the preceding sharp downward price impulse from the start of this year. The top of this Triangle (point C) formed when the pair corrected down from the combined resistance area lying at the intersection of the round resistance level 1.5400, the 38,2% Fibonacci Retracement of the preceding downward price impulse from the start of 2013 as well as the daily upper Bollinger Band (as is shown on the second chart below).
The following daily GBP/USD chart shows the technical price levels mentioned above:
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