Forex
GBP/USD Trapped in Compressed Triangle Formation
The GBP/USD exchange rate has been trading around 1.3450 in recent sessions, with a relatively stable performance despite some fluctuations.
This stability is unusual, given that every timeframe from a fortnight to five months (8-day through 100-day exponential averages) has converged on the same price.
The market has been trapped in a compressed triangle formation since the June low, with lower highs and higher lows forming converging boundaries.
A break above or below this range is expected to resolve the pattern, leading to significant price movements.