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GBP/USD: How to Trade the Symmetrical Triangle Breakout

10/02/2024

Less than a minute

2024.10.02 13:50

is currently trading at 1.3283, navigating within a defined channel. A breakdown below the critical support level at 1.3270 may signal a continuation toward the Average True Range (ATR) target of 1.3200.

The next key target to watch is the 0.382 Fibonacci retracement level at 1.3167. Market movements should provide more clarity once trading resumes.

Notably, the daily ATR for GBP/USD is 102 pips, while the 90-day average stands at 76 pips per day. My analysis indicates a bullish trend for the (USDX), which could impact the GBP/USD pair’s direction.

GBPUSD-Sym Triangle break