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GBP/USD Triangle Pattern Before Key Rate Decision by Bank of England

November 02, 2017 06:00

GBP/USD

4 hour

The GBP/USD is building a triangle above the broken resistance trend line (dotted red). Price was unable to break below the long-term support trend line (blue) and is now retesting the Fibonacci levels of wave 4 vs 3 (green). A break above the 61.8% Fib however makes a wave 4 unlikely.

The Bank of England (BOE) is expected to raise interest rates by a quarter percent for the first time in a decade. The rate hike could potentially send the GBP higher, although the currency pair will remain volatile as well during the inflation report, policy summary and press conference of the Bank of England Governor.

1 hour

The GBP/USD is showing strong bullish momentum and could be in a wave 4 (blue) if price stays above the support trend line (blue). A bearish break could indicate that the wave A (brown) has been completed at the recent high.

EUR/USD

4 hour

The EUR/USD is still building a bullish retracement within wave 4 (blue). A break below the support of the sideways zone (green) could indicate the continuation of the wave 5 (blue) within a larger wave C (purple).

1 hour

The EUR/USD will most likely complete the wave 4 (blue) if price breaks below the channel (green). In the meantime, price could retrace to deeper Fibonacci levels of wave 4 (blue) but typically should not break above the 61.8% Fibonacci level.

USD/JPY

4 hour

The USD/JPY strong bullish bounce is most likely indicating that one more bullish push is likely towards the 115-resistance level.

1 hour

The USD/JPY needs to break above the resistance trend line (red) and small bull flag chart pattern (dotted red) to continue towards the Fibonacci targets at 115.

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