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
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
Update 2017-02-26: The pattern is no longer valid due to the downside breakout:
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.