GBP/USD technical analysis: Buyers rely on short-term ascending triangle

  • GBP/USD inches closer to the one-week-old rising support line.
  • “Double top” formation around 1.2988/90 caps immediate upside.

The GB/USD pair’s pullback from last week's “double tops” seems to have little downside as a week old rising trend line stands tall to challenge sellers. The pair declines to 1.2894 by the press time that precedes the London open on Monday.

While seeing together, a short-term symmetrical triangle between 1.2867 and 1.2990 is likely the key for the pair traders with the falling level of 14-bar Relative Strength Index (RSI) also favoring a bounce from near-term key support line.

Should prices fail to bounce off 1.2867, 1.2700 and mid-month bottoms close to 1.2515 will gain sellers’ attention.

On the upside, 1.3000 can validate the pair’s run-up beyond 1.2990.

In doing so, May month high close to 1.3180 could lure bulls.

GBP/USD hourly chart

Trend: bullish

additional important levels

Today last price 1.2894
Today Daily Change -80 pips
Today Daily Change % -0.62%
Today daily open 1.2974
Daily SMA20 1.2467
Daily SMA50 1.2341
Daily SMA100 1.2422
Daily SMA200 1.2716
Previous Daily High 1.2988
Previous Daily Low 1.2839
Previous Weekly High 1.299
Previous Weekly Low 1.2515
Previous Monthly High 1.2583
Previous Monthly Low 1.1958
Daily Fibonacci 38.2% 1.2931
Daily Fibonacci 61.8% 1.2896
Daily Pivot Point S1 1.2879
Daily Pivot Point S2 1.2784
Daily Pivot Point S3 1.273
Daily Pivot Point R1 1.3029
Daily Pivot Point R2 1.3083
Daily Pivot Point R3 1.3178



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