Symmetrical triangle on the GBP/USD 15 minute

On the 15 minute chart of the GBP/USD we can see the formation of a symmetrical triangle, which has created by the high volatility on the Pound during today’s session. The symmetrical triangle usually works as a continuation pattern, depending on the direction of the trend coming into the formation. In this case, the trend is bullish coming into the symmetrical triangle, therefore there is a higher probability that the price of the GBP/USD may break to the upside. However, we cannot bet the house on that assumption, since the price may actually break in any direction. The high volatility on the Pound was created by the decision of the Bank of England to leave the current interest rate at 0.25%, but at the same time it has hinted on a possible rate hike during the next meeting. That is why we saw that initially the GBP/USD rose, but then it retraced to the downside and finally consolidates around the 1.2757 zone to form the symmetrical triangle. In case of a bullish breakout, the GBP/USD may try to go and visit the 1.2800 level. In case of a bearish breakdown, the pair may try to visit the 1.2700 level. We must be very attentive, because we may get an entry opportunity on this pair, either to the upside or to the downside.