Good day to all and happy week ahead!! The GBPUSD is at a major resistance that could either give a target of 1.43 if broken, or 1.38 if price get rejected once again.
The downward sloping red trend line resistance has been hit twice and the pound got rejected. Will this repeat? A break out above this resistance trend line together with a break above the 4 hour Ichimoku cloud could be a very bullish indicator. If this is the case, I would not be surprised to see the GBPUSD near 1.43 again very soon.
If we see a rejection at current levels I would expect the GBPUSD to move at least towards 1.3950 where the lower boundary of the triangle pattern is found.
If I had to make a guess, I would expect this triangle to eventually break to the upside. However, no need to be sentimental, just follow what price tells us…price never lies.