GBP/USD is continuing the prevailing uptrend inside the high Quality Ascending Triangle chart pattern identified by Autochartist on the daily charts. The Quality of this chart pattern is rated at the 7 bar level, which is the result of the following values of the Quality indicators: Maximum Initial Trend (measured at the 10 bar level), average Uniformity (5 bars) and above-average Clarity (rated at the 7 bar level). The high Trend value corresponds to the sharp upward impulse that preceded this chart pattern. The price is currently trading close to the upper horizontal resistance line of this chart pattern at 1.6270 which also stands very close to the previous high and strong resistance level at 1.6300. Both of these resistance levels should be broken on a closing basis for the uptrend to continue.
As can be seen from the PowerStats chart below, most of the daily Expected Price Range for GBP/USD stands above the upper resistance line of this chart pattern. This increases the chances that the uptrend will continue tomorrow.
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