GBP/USD outlook - symmetrical triangle on daily chart
Resistance – 1.4558, 1.4636-1.4650, 1.4697
Support – 1.4488 (weekly 5-MA), 1.4413, 1.4375
Pair’s rebound from weekly 5-MA support of 1.4488 amid bullish daily RSI (at 55.00) indicates the prices could be heading towards 1.4549 (23.6% of 1.3835-1.4770) – 1.4558 (larger falling trend line resistance).
Further gains towards symmetrical triangle resistance around 1.4636-1.4650 could be put to test following an hourly closing above 1.4649.
The case for a bullish move remains intact as long as prices do not see a day end closing below symmetrical triangle support.
Nevertheless, intraday break below 1.4470 warrants caution on the part of bulls as support at 1.4459-1.4413 could be put to test especially if break below 1.4470 is triggered by pro-Brexit polls.
Support – 1.4488 (weekly 5-MA), 1.4413, 1.4375
Pair’s rebound from weekly 5-MA support of 1.4488 amid bullish daily RSI (at 55.00) indicates the prices could be heading towards 1.4549 (23.6% of 1.3835-1.4770) – 1.4558 (larger falling trend line resistance).
Further gains towards symmetrical triangle resistance around 1.4636-1.4650 could be put to test following an hourly closing above 1.4649.
The case for a bullish move remains intact as long as prices do not see a day end closing below symmetrical triangle support.
Nevertheless, intraday break below 1.4470 warrants caution on the part of bulls as support at 1.4459-1.4413 could be put to test especially if break below 1.4470 is triggered by pro-Brexit polls.
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