GBP/USD Price Analysis: Pound triangle breakout failure challenges 1.3060 support

The triangle bullish breakout is failing.
The level to beat for bears is the 1.3060 level.

Flavio Tosti Independent Analyst

GBP/USD daily chart

The break from the triangle pattern is currently failing below the 1.3100 figure. The market is challenging the 50-day simple moving average (SMA).

GBP/USD four-hour chart

The pound is breaking down after rejecting the 1.3100 figure. The market is challenging the 1.3060 support and the 50/10 /SMAs. A breach below this level could lead to further downside with bears setting their eyes on the 1.3019 and 1.2965 resistances, according to the Technical Confluences Indicator.

Additional key levels

GBP/USD

Overview
Today last price	1.307
Today Daily Change	-0.0050
Today Daily Change %	-0.38
Today daily open	1.312

Trends
Daily SMA20	1.3092
Daily SMA50	1.3053
Daily SMA100	1.2831
Daily SMA200	1.2691

Levels
Previous Daily High	1.3152
Previous Daily Low	1.3097
Previous Weekly High	1.312
Previous Weekly Low	1.2954
Previous Monthly High	1.3515
Previous Monthly Low	1.2896
Daily Fibonacci 38.2%	1.3118
Daily Fibonacci 61.8%	1.3131
Daily Pivot Point S1	1.3094
Daily Pivot Point S2	1.3068
Daily Pivot Point S3	1.3039
Daily Pivot Point R1	1.3149
Daily Pivot Point R2	1.3178
Daily Pivot Point R3	1.3204

Author

Flavio Tosti

Independent Analyst

EUR/USD flirts with daily highs, retargets 1.1900

EUR/USD regains upside traction, returning to the 1.1880 zone and refocusing its attention to the key 1.1900 barrier. The pair’s slight gains comes against the backdrop of a humble decline in the US Dollar as investors continue to assess the latest US CPI readings and the potential Fed’s rate path.

GBP/USD remains well bid around 1.3650

GBP/USD maintains its upside momentum in place, hovering around daily highs near 1.3650 and setting aside part of the recent three-day drop. Cable’s improved sentiment comes on the back of the Greenback’s irresolute price action, while recent hawkish comments from the BoE’s Pill also collaborate with the uptick.

Gold clings to gains just above $5,000/oz

Gold is reclaiming part of the ground lost on Wednesday’s marked decline, as bargain-hunters keep piling up and lifting prices past the key $5,000 per troy ounce. The precious metal’s move higher is also underpinned by the slight pullback in the US Dollar and declining US Treasury yields across the curve.

Crypto Today: Bitcoin, Ethereum, XRP in choppy price action, weighed down by falling institutional interest

Bitcoin's upside remains largely constrained amid weak technicals and declining institutional interest. Ethereum trades sideways above $1,900 support with the upside capped below $2,000 amid ETF outflows.

Week ahead – Data blitz, Fed Minutes and RBNZ decision in the spotlight

US GDP and PCE inflation are main highlights, plus the Fed minutes. UK and Japan have busy calendars too with focus on CPI. Flash PMIs for February will also be doing the rounds. RBNZ meets, is unlikely to follow RBA’s hawkish path.

Ripple Price Forecast: XRP potential bottom could be in sight

Ripple edges up above the intraday low of $1.35 at the time of writing on Friday amid mixed price actions across the crypto market. The remittance token failed to hold support at $1.40 the previous day, reflecting risk-off sentiment amid a decline in retail and institutional sentiment.