Note

GBP/USD Price Analysis: Teasing a triangle breakout on 1H chart

· Views 335
  • GBP/USD consolidates the corrective bounce amid USD pullback.
  • Teasing a symmetrical triangle breakout on the hourly chart
  • Hourly RSI points north in the bullish territory.

GBP/USD turned positive for the first time in five days on Thursday, having bounced once again to near 1.2780 region on the US dollar’s retreat across its main competitors.

The improvement in the sentiment on Wall Street amid solid US New Home Sales data tempered the demand for safe-havens such as the greenback.

At the time of writing, the cable is consolidating the previous corrective bounce around 1.2750, awaiting a fresh impetus for a sustained move above 1.2780.

Technically, the price is ranging in a symmetrical triangle formation on the hourly chart since Tuesday.

The bulls are now eyeing to clear the falling trendline resistance at 1.2769 to confirm a bullish breakout, which could add legs to the correction move higher, with the pattern target at 1.2912 on the buyers’ radars.

The bullish crossover between the 21-hourly Simple Moving Average (HMA) and 50-HMA also backs the case for the further upside while the hourly Relative Strength Index (RSI) points north above the midline.

Alternatively, the immediate downside is capped by the 21-HMA at 1.2744, below which the horizontal 50-HMA support at 1.2732 will come into play. The rising trendline support at 1.2705 is the level to beat for the bears.

GBP/USD: Hourly chart

GBP/USD Price Analysis: Teasing a triangle breakout on 1H chart

GBP/USD: Additional levels

GBP/USD

Overview
Today last price 1.2751
Today Daily Change 0.0003
Today Daily Change % 0.02
Today daily open 1.2748
Trends
Daily SMA20 1.3019
Daily SMA50 1.3015
Daily SMA100 1.273
Daily SMA200 1.2722
Levels
Previous Daily High 1.2781
Previous Daily Low 1.269
Previous Weekly High 1.3007
Previous Weekly Low 1.2777
Previous Monthly High 1.3396
Previous Monthly Low 1.2982
Daily Fibonacci 38.2% 1.2747
Daily Fibonacci 61.8% 1.2725
Daily Pivot Point S1 1.2698
Daily Pivot Point S2 1.2649
Daily Pivot Point S3 1.2607
Daily Pivot Point R1 1.2789
Daily Pivot Point R2 1.2831
Daily Pivot Point R3 1.288

Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.

FOLLOWME Trading Community Website: https://www.followme.com

If you like, reward to support.
avatar

Hot

GBP/USD continues to stabilise at our target of a cluster of supports at 1.2722/1.2655.
clear pattern there

-THE END-