GBPUSD - The Triangle
GBPUSD (D) - medium term bullish bias
The British pound is still in a triangle-shaped consolidation phase after its meteoric rise late last year. The breakout above the 2019 high of 1.3300 has turned sentiment around and the pair is likely to continue on its way up. The bullish trend line has been a strong demand level where buyers rush in to support the price. What we are seeing is a temporary pause after the RSI indicator shot up to an over-heated situation. 1.3200 will be the immediate target to confirm a trend continuation.
Key support: 1.2900
Key resistance: 1.3200
The British pound is still in a triangle-shaped consolidation phase after its meteoric rise late last year. The breakout above the 2019 high of 1.3300 has turned sentiment around and the pair is likely to continue on its way up. The bullish trend line has been a strong demand level where buyers rush in to support the price. What we are seeing is a temporary pause after the RSI indicator shot up to an over-heated situation. 1.3200 will be the immediate target to confirm a trend continuation.
Key support: 1.2900
Key resistance: 1.3200
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