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GBP/USD outlook - bullish break from symmetrical triangle likely

FX_IDC:GBPUSD   British Pound/U.S. Dollar
Resistance - 1.4636, 1.4665, 1.47

Support - 1.4610, 1.4549, 1.45

  • Pair's rebound from Monday's low of 1.4443 has kept the rising bottom formation intact on daily charts .
  • This coupled with daily closing well above critical resistance 1.4549 yesterday indicates the pair could take out 1.4636 (38.2% of 1.5930-1.3835 + symmetrical triangle resistance) and make a move towards 1.4664 (May 19 high) - 1.47 levels.
  • On the other hand, a failure to take out 1.4636 if followed by a break below 1.46 would expose support at 1.4549 levels.
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