Oct 10 2018

GBPUSD (Pound) – On its way for 1.35 handle.

GBPUSD:-On a daily chart Cable/Sterling has given a positive breakout to a medium term downward sloping trend channel on September 12-13 at 1.3050 mark. After the breakout the pair marked a high of 1.3298 on 20th Sept 2018, then after a throwback towards the breakout zone had taken place (on 03rd-4th of October 2018)for proving the breakout  a valid point. In the present scenario a formation of Broadening pattern is seen. one can take a look on orange colored trend-lines – both two lines are getting expanded toward their ends by creating a wider gap between the parallel trend-lines. As per the broadening pattern an approximated figure towards 1.35 handle could be the possible target for GBPUSD. Directional indicator turned positive, as +DI is hovering above the -DI and the Average Directional Index(ADX)  is also trying to give strength to current rising trend.