Autochartist has recently identified the extended horizontal Key Resistance Level 1.5780 (of the type Approach) on the daily GBP/USD charts. Autochartist rates the Significance of this Key Level at the high 8 bar level - which corresponds to the eight price reversals from this resistance during the last 205 candles. As can be seen from the following Key Levels chart, the pair had previously reversed twice from the major long-term support level 1.5300. GBP/USD is expected to rise further toward the Key Level 1.5780, which is also indicated by another chart pattern identified by Autochartist on the daily GBP/USD charts, shown below.
As can be seen from the following chart, Autochartist has also recently identified the well formed Ascending Triangle on the daily GBP/USD charts. The pair is expected to rise toward the upper resistance trendline of this Ascending Triangle - which runs parallel to the aforementioned Key Resistance Level 1.5780. Two patterns pointing in one direction increase the probability the Cable will continue to rise in the nearest time.
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