GBP/USD – A Choppy Triangle Pattern Setup

Price action (choppiness) suggests maybe the dollar bottom may be delayed. We say that as we expect a major bottom in the buck soon; then a counter trend really of multi-month variety to wrong-foot the dollar bears. A triangle pattern as shown below, would keep the market guessing before a final thrust lower in the dollar. We are seeing this near-term pattern in some key currencies—notably the euro and pound. Below is a look at a triangle pattern setup for the pound.