GBP/USD technical analysis: 200-hour EMA adds strength to immediate triangle support

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.

Anil Panchal FXStreet

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

Trend: sideways

additional important levels

Overview
Today last price	1.2347
Today Daily Change	13 pips
Today Daily Change %	0.11%
Today daily open	1.2334

Trends
Daily SMA20	1.2228
Daily SMA50	1.228
Daily SMA100	1.2521
Daily SMA200	1.2743

Levels
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

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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