- GBP/USD forms a symmetrical triangle pattern on the hourly chart.
- 200-hour EMA strengthens the support, limiting the downside to 38.2% Fibonacci retracement.
GBP/USD has mostly been in a small trading range portrayed by a four-day-old symmetrical triangle. The quote currently heads to formation resistance while taking rounds to 1.2350 before the UK session starts on Friday.
While an area including July 17 low and current week high around 1.2380/85 is likely to limit pair’s upside past-1.2365 triangle resistance, pair’s further rise could well target 100-day exponential moving average (EMA) level of 1.2470.
Alternatively, pair’s pullback, as most expected, could avail a halt around 1.2315 during its declines to the pattern support around 1.2290 that also includes 200-hour EMA.
If at all sellers manage to conquer 1.2290 support-mark, 38.2% Fibonacci retracement of current-month upside, at 1.2220, and September 02 high near 1.2170 could lure sellers.
GBP/USD hourly chart
additional important levels
|Today last price||1.2347|
|Today Daily Change||13 pips|
|Today Daily Change %||0.11%|
|Today daily open||1.2334|
|Previous Daily High||1.2368|
|Previous Daily Low||1.2283|
|Previous Weekly High||1.2354|
|Previous Weekly Low||1.1958|
|Previous Monthly High||1.231|
|Previous Monthly Low||1.2015|
|Daily Fibonacci 38.2%||1.2336|
|Daily Fibonacci 61.8%||1.2316|
|Daily Pivot Point S1||1.2289|
|Daily Pivot Point S2||1.2244|
|Daily Pivot Point S3||1.2204|
|Daily Pivot Point R1||1.2373|
|Daily Pivot Point R2||1.2413|
|Daily Pivot Point R3||1.2458|
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.