FX - GBP EUR contracting triangle

Looking outside the world of crypto, I also dabble in FX trading. Mostly in the GBP/EUR pair as I am based in the UK. There is a lot of volatility with this pair, especially after the EU referendum. In the past I have made small profits by buying certain shares or currency just before or after major events (e.g. general elections courtesy of Mrs. May).

I've only started applying technical analysis back in August last year when the Sterling was going through a free-fall. In fact I then identified a declining wedge pattern and witnessed the breakout up to the 1.14 Euro level.

Since then, it looks like we're on a long, contracting triangle pattern with a resistance at 1.14. If the support holds, we may have another breakout in around May-June with 1.18-1.20 as the next target. In turn the 1.14 level will be the new support.

However fundamentally, there is still a lot of uncertainty in the market and it seems like anything can happen at the moment. Definitely worth following the news and trying to anticipate what these politicians try to come up with next. I believe technical analysis can be wiped meaningless without the fundamentals to support it, especially in FX.

Note: I am an amateur trader and I am performing this exercise for my own research and analysis. This is by no means a form of financial advice and should be treated as a blog post for entertainment purposes. It is also based on historical data which may not be an indication of future price.