GBP/USD continues to move in triangle

Although yesterday’s fluctuations required some adjustments, the main assumption remained unchanged.

The cable is continuing to trade in a symmetrical triangle pattern whose upper trend line simultaneously represents the slope of a larger falling wedge formation.

From dominant pattern’s perspective the breakout should happen in southern direction towards support zone located between the 1.3338 and 1.3331 marks.

Most probably, traders anticipate final adoption of tax bill by the Congress. However, the pair might prematurely leave the junior pattern if the pressure of 55-, 100- and 200-hour SMAs together with the monthly PP will match with release of better than expected information on the American Final GDP.

On the other hand, it should be noted that 56% of pending orders in 100-pip range are set to buy.