After plummeting to a post Brexit low around 1.28 in early July, the Pound has bounced around in what looking more and more like a large, triangle is shaped trading range.

This week’s high at 1.3445 looks like it might have been the second peak in this triangle pattern. The clue to this possibility is that the trends inside the triangle have been 3 swing formations.

A clear break below near term support at 1.3280 (dashed line) would confirm the end of the second 3 swing pattern. This would lend weight to the triangle interpretation of this chart and might set up for a return to the triangle support just above 1.29

 

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