Two opposing trendlines converged on the GBP/USD during today's European session to form a triangle, the apex of which was due for arrival in the early part of today's New York session. Traders who spotted the setup found a conservative long trade entry after the breakout -- in the direction of the prevailing trend and the market's latest stint of dollar selling -- during the hour prior to the start of the session. Fortunately, U.S. GDP news did not ruin a good thing, as the move ultimately produced a profit of between 70 to 80 pips (depending on entry) for traders who exited at the psychological level prior to the European close.
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