The four hour chart shows price action is still relatively near-term, but the GBPUSD is resting on the support of an that is within a much larger symmetrical triangle.
Channel support also has price action support of 1.5343, as well as a series of key moving averages. There is the potential for a 20/200 crossover, which could help the pair challenge the descending .
However, if prices begin to break down, the 72 can converge with the 50 and cause a convergence. Cable would seek out 1.5259 as support.
In regards to the triangle, a breakout of the triangle would extend the channel. A close above 1.5441 would confirm the breakout and the upside target can be seen at 1.5519.
If the rally breaks down and closes below triangle support, expect the pair to find support at 1.5120.
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