- 6B has been in an up trend since October of 2022.
- A potential ascending triangle is forming on the daily chart.
- POC volume profile is the only target for bears at the moment.
It has been a while since we looked at 6B futures. Just like most other currencies, they are gaining grown against the Dollar. Pound traders that went long at the start of the year are up while the bears are struggling.
There is an ascending triangle forming on the daily chart. This can be seen in the image below. It has not broken out yet, so its just simply showing us the strength of the bulls vs the bears at this point.
I marked off a point where we could see potential support, which is at the volume profile point of control line. If price does fall below the upward trend line I marked off, then that would be the next target bears would look for, however unlikely it is.
The market is currently trading within a resistance zone which could be forming a triple top. The question is whether the bulls will be strong enough to push the price above the resistance, keeping the ascending triangle intact, or if the bears will prove to be too powerful and send prices falling below the trend line.