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- GBP/USD Price Analysis: Bears keep reins near 1.2500, weekly triangle in focus
GBP/USD Price Analysis: Bears keep reins near 1.2500, weekly triangle in focus
- GBPUSD struggles to extend the bounce off intraday low, stays pressured.
- Sustained trading below 50-SMA join downbeat oscillators to keep sellers hopeful.
- Further downside needs validation from 1.2480 to aim for a 150-pip fall.
GBP/USD fades bounce off the intraday low as it retreats to 1.2500 during early Tuesday morning in Europe. In doing so, the cable pair remains pressured inside a one-week-old symmetrical triangle.
However, the quote’s failure to cross the 50-SMA joins recently downbeat RSI (14), as well as the sluggish MACD signals, to hint at the further downside.
That said, a clear downside break of the stated triangle’s support line, around 1.2480 becomes necessary to convince GBP/USD bears.
Following that, a downward trajectory towards the May 18 swing low, near 1.2330 can’t be ruled out.
Meanwhile, recovery moves need validation from the 50-SMA level surrounding 1.2572, as well as the monthly high near 1.2590 and the 1.2600 threshold.
In a case where GBP/USD buyers keep reins past 1.2600, the pair can swiftly cross May’s peak near 1.2670 to aim for the 1.2700 round figure.
GBP/USD: Four-hour chart
Trend: Further weakness expected
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