GBP/USD Technical Analysis: 10-day SMA offers nearby support inside multi-week-old triangle

  • GBP/USD bounces off 10-day SMA, stays inside the six-week-old symmetrical triangle.
  • An upside break of the triangle needs validation from 1.3000 psychological magnet.
  • Sellers can aim for 38.2% Fibonacci retracement during the pair’s drop beneath the technical pattern.

While holding tightly above the 10-day Simple Moving Average (SMA), GBP/USD takes the rounds to 1.2940 during Tuesday's Asian session. Even so, the pair remains inside a multi-week-old triangle formation.

That said, the pattern’s resistance line around 1.2975 acts as an immediate upside barrier holding the key to the pair’s run-up towards 1.3000 round-figure.

However, a sustained rise beyond the same might not refrain from challenging the May month tops surrounding 1.3180.

Alternatively, pair’s downside below 10-day SMA level of 1.2906 could trigger fresh pullback towards the triangle’s support line, near 1.2840.

In a case where prices defy the triangle formation with a break beneath 1.2840, 38.2% Fibonacci retracement level of October month upside close to 1.2700 will be on the Bears’ radar.

GBP/USD daily chart

Trend: Sideways

additional important levels

Today last price 1.2941
Today Daily Change 7 pips
Today Daily Change % 0.05%
Today daily open 1.2934
Daily SMA20 1.2881
Daily SMA50 1.2718
Daily SMA100 1.2497
Daily SMA200 1.2701
Previous Daily High 1.2942
Previous Daily Low 1.2879
Previous Weekly High 1.2952
Previous Weekly Low 1.2827
Previous Monthly High 1.2986
Previous Monthly Low 1.2769
Daily Fibonacci 38.2% 1.2918
Daily Fibonacci 61.8% 1.2903
Daily Pivot Point S1 1.2895
Daily Pivot Point S2 1.2855
Daily Pivot Point S3 1.2831
Daily Pivot Point R1 1.2958
Daily Pivot Point R2 1.2982
Daily Pivot Point R3 1.3021



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.

Feed news

Latest Forex News

Editors’ Picks

GBP/USD stays below 1.3350 on poor UK PMIs

GBP/USD hits fresh session lows of 1.3335 following an unexpected drop in the UK's Preliminary Manufacturing and Service PMI reports. However, the downside appears capped amid growing Brexit optimism. 


EUR/USD keeps range around 1.1130 on downbeat PMIs

EUR/USD trims gains to trade near 1.1130 region after the sentiment around the euro was dented by the disappointing German and Eurozone Preliminary Manufacturing PMIs. Trade concerns also keep the gains limited. 


The phantom of fear pierces crypto market foundations

Negative technical indicators are extremely volatile and are approaching a technical rebound. Ethereum has fundamentals in play versus Bitcoin which could be lethal. XRP is not immune to downfalls and adds to the dangerous game of critical supports.

Read more

Gold consolidates in a range, flat-lined around $1475 level

Gold extended its sideways consolidative price action through the early European session on Monday and remained confined in a narrow trading band near the $1475 region.

Gold News

USD/JPY trades below 109.50 ahead of US PMI data

The USD/JPY pair edged higher on the first day of a new trading week, albeit lacked any strong follow-through and remained well within the previous session's trading range.