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



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