GBPUSD Analysis: At three-week low
|GBP/USD remained between the weekly S1 and the 100-hour SMA on Thursday, thus providing two additional confirmations of a descending triangle. The exchange rate managed to bounce off the short-term down-trend this morning; however, the lack of volatility demonstrates trader indecisiveness towards the pair. As the rate has entered a consolidation phase, it is rather unclear to which direction the Pound is set to go. Bearish technical indicators are signalling to a possible recovery that may lead the Sterling towards the 1.3020/40 area. Alternatively, the aforementioned triangle may be respected, thus setting the British currency down to the weekly S1 at 1.2953. Given the characteristics of this pattern, the weekly and monthly S1s should be breached to the downside.
Interested in GBP/USD technicals? Check out the key levels
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.