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

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.

Dhwani Mehta FXStreet

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: 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

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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