GBP/USD: broken "Triangle"

GBP/USD: broken "Triangle"


Bulls faced resistance at 1.2945, so the pair is likely going to achieve the closest support at 1.2901 in the short term. Meanwhile, if a pullback from this level happens, there'll be an option to have the price higher. In this case, we should keep in mind resistance at 1.2964 - 1.2988 as an intraday target.


The last "Triangle" pattern has been broken, so we've got a new local high. However, the price couldn't go through resistance at 1.2935 - 1.2952, so bears are likely going to test the 34 Moving Average. If we have a pullback from this line, bulls will probably try to test the next resistance at 1.2964.




Morning brief for May 30

 Growing concerns over Greek bailout, early elections in Italy and comments by the ECB President Mario Draghi about the need to maintain the bank’s extraordinary amount of monetary policy support…

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