Sat, 02nd of May, 2009

By Setyo Wibowo (analyst@fxinstructor.com)

GBPUSD Outlook

The GBPUSD had a significant bullish momentum this week and the pair seems to be in critical situation which will determine the medium term trend. On daily chart below we have a ascending triangle pattern appeared. Usually it is a continuation pattern which forms during an uptrend. But regardless of whether it’s a continuation or reversal pattern, the ascending triangle is a bullish pattern. The key level at this phase is 1.4990 – 1.5060 area. Break above that area could trigger further bullish scenario and change the medium term outlook into upside bias. So what will happen in the upcoming week is going to be interesting. Have a great weekend and see you on Monday.