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GBP/USD Technical Analysis: Trapped in a descending triangle

  • Trapped in a descending triangle, the GBP/USD pair is currently trading at 1.2770.
  • At press time, the triangle resistance is located 1.2809 and support is seen at 1.2725.
  • A break above 1.2809 would confirm a descending triangle breakout or bearish-to-bullish trend change. Essentially,  a close above 1.2809 would mean the sell-off from the Nov. 7 high of 1.3175 has likely ended at 1.2723 (Nov. 15 low) and the bulls have regained control.
  • A bull breakout, if confirmed, would open the doors to 1.30 (psychological hurdle).

Daily Chart



Trend: Bullish above 1.2809

GBP/USD

Overview:
    Today Last Price: 1.2771
    Today Daily change: 28 pips
    Today Daily change %: 0.220%
    Today Daily Open: 1.2743
Trends:
    Previous Daily SMA20: 1.2887
    Previous Daily SMA50: 1.2969
    Previous Daily SMA100: 1.2977
    Previous Daily SMA200: 1.3317
Levels:
    Previous Daily High: 1.281
    Previous Daily Low: 1.2735
    Previous Weekly High: 1.2864
    Previous Weekly Low: 1.2725
    Previous Monthly High: 1.3176
    Previous Monthly Low: 1.2723
    Previous Daily Fibonacci 38.2%: 1.2764
    Previous Daily Fibonacci 61.8%: 1.2781
    Previous Daily Pivot Point S1: 1.2715
    Previous Daily Pivot Point S2: 1.2688
    Previous Daily Pivot Point S3: 1.264
    Previous Daily Pivot Point R1: 1.279
    Previous Daily Pivot Point R2: 1.2837
    Previous Daily Pivot Point R3: 1.2865