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GBP/JPY — Another Pound Pair Consolidates in Symmetrical Triangle

I have already written about a symmetrical triangle on GBP/CHF weekly chart 2 weeks ago. Today, you can see a similar pattern but with a different trend direction on the daily chart of the pound/yen pair. This consolidation finishes off the uptrend that lasted from October through mid-December and offers a nice opportunity to go long in case of an upper border breakout.

The pattern is marked with the yellow lines on the chart screenshot below. The cyan line will serve as my entry level — it is moved to 10% of the triangle’s height (at the base) above the border. The green line will be my target — it uses 100% of the same distance. I will set my stop-loss to the low of the breakout candle or to the low of the preceding candle if the bigger part of the breakout one will be outside the pattern. A bearish breakout will invalidate this trend continuation pattern. You can click on the image to see a full-size chart:

GBP/JPY - Symmetrical Triangle Pattern on Daily Chart as of 2017-02-19

I have built this chart using the ChannelPattern script. You can download my MetaTrader 4 chart template for this GBP/JPY pattern. You can trade it using my free Chart Pattern Helper EA.

If you have any questions or comments regarding this symmetrical triangle on the GBP/JPY chart, please feel free to submit them via the form below.

Posted on Forex blog. Click Here For Original Source Of The Article

About Louie Lewis

Louie Lewis
Successful forex trading starts with you first. Then comes the actual strategies and techniques. I have been involved with forex and forex trading for a few years now. It is a wonderful way to build wealth. The learning never stops and I want to help others along their journey into this wonderful market of opportunity.

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