GBPUSD Ascending Triangle

The British pound could start to rally against the US dollar currency as the greenback is looking ripe for further losses against major currencies this week. The four-hour time frame now shows that a large ascending triangle pattern has started to form. According to the size of the pattern, a break above the 1.4000 resistance area could propel the GBPUSD pair towards at least 1.4130.

The GBPUSD pair is only bullish while trading above the 1.3900 level, key resistance is found at the 1.4000 and the 1.4130 levels. If the GBPUSD pair trades below 1.3900, sellers may test the 1.3875 and 1.3830 support levels.

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