The GBP/USD pair has decreased a little but the bias remains bullish. The price action has printed a potential continuation formation. Validating this formation could announce an upside continuation. Still, we’ll have to wait for strong confirmation before considering going long.
As you already know, the Dollar Index escaped from a down channel pattern signaling that the corrective phase is over. Today, the CB Consumer Confidence could be decisive and could have a big impact on the GBP/USD. Worse than expected US data could weaken the greenback and could help the Pound to drag the pair higher.
GBP/USD Technical Analysis!
The GBP/USD pair dropped to test and retest 1.3750 static support after failing to stabilize above the major downtrend line. In the short term, it has developed a triangle pattern. This formation is seen as a continuation one.
Technically, making a valid breakout from this pattern could activate an upside continuation, movement. Failing to reach and retest the uptrend line signaled that the bullish pressure is high.
Conclusion!
Failing to make a new lower low or to stabilize under the weekly pivot point 1.3764 followed by a new higher high could announce an upside continuation.
Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.
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