GBP/USD Technical Analysis: breaks below symmetrical triangle support

Haresh Menghani FXStreet

• Bears challenging an ascending trend-line support, forming a part of a symmetrical triangle on the 1-hourly chart.
• A follow-through selling would signal extension of the prior depreciating slide and open the room for a retest of YTD lows.
• Short-term technical indicators hold in negative territory and further reinforce the bearish outlook.

GBP/USD 1-hourly chart

Current Price: 1.3244
Daily High: 1.3273
Trend: Bearish

Resistance
R1: 1.3273 (current day high and triangle resistance)
R2: 1.3300 (round figure mark)
R3: 1.3334 (R3 daily pivot-point)

Support
S1: 1.3219 (S1 daily pivot-point)
S2: 1.3204 (YTD low set on May 29)
S3: 1.3170 (horizontal level)

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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