GBPUSD → Retest resistance for a breakout. Distribution?

Sep 1

GBPUSD is attempting to break through the resistance of the symmetrical triangle consolidation pattern, which is a continuation pattern of the main bullish trend.



Against the backdrop of stagnation and weakening of the dollar index, the GBPUSD price has stopped updating local lows, and consolidation in the form of a symmetrical triangle is forming. The strengthening of the GBP led to a breakout of the consolidation resistance, and if the bulls can stay above 1.352, then the market may trigger a rally to the resistance at 1.3588, from which a small correction is expected before continuing to grow to 1.378 thanks to motivated buyers.

Resistance levels: 1.3589, 1.3674
Support levels: 1.3524, 1.3446

In the 1.3525 zone, there may be a prolonged struggle for the buying area (above resistance). If the bulls manage to stay above the resistance conglomerate, this will confirm the fact of a resistance breakout and the end of the downward correction, which may trigger a continuation of the global trend and price growth to 1.378.

Best regards, R. Linda!

Sep 1

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