GBP/USD – symmetrical triangle in downtrend
Pair’s three-day winning streak and a failure to cut through symmetrical triangle resistance on closing basis yesterday followed by a similar failure in the Asian session today suggests the spot is likely to see a corrective move lower to 5-DMA level of 1.3173.
The daily RSI has turned bullish for the first time post Brexit vote, thus we could see dip to 1.3173 met by fresh bids.
On the higher side, a bullish break on day end closing basis would signal continuation of the rally from post Brexit low. On the way higher, the spot could face stiff resistance at 1.3315 and 1.3360.
The daily RSI has turned bullish for the first time post Brexit vote, thus we could see dip to 1.3173 met by fresh bids.
On the higher side, a bullish break on day end closing basis would signal continuation of the rally from post Brexit low. On the way higher, the spot could face stiff resistance at 1.3315 and 1.3360.
