The GBP/USD pair has broken its ascending triangle on a 30 minute time frame. If this pattern does play out completely, then it could easily push the price toward the 1.4919 level which is also close to its minor support zone (mentioned below).
The price action is trading below the 50 day (shown in green) and the 100-Day (shown in yellow) moving averages which show that the bears have taken the control.
The RSI is also trading in an oversold zone and there is also a deflection between the price and the RSI. This means that the RSI may push the price back up.
Important Levels
Resistance Zones
1.5892-1.5848 Major
1.5809-1.5774 Major
1.5681-1.5645 Minor
1.5479-1.5445 Minor
Support Zone
1.4943-1.4900 Minor
1.4683-1.4639 Major
1.4548-1.4514 Major
DISCLOSURE & DISCLAIMER: The above is for informational purposes only and NOT to be construed as specific trading advice. responsibility for trade decisions is solely with the reader.
by Naeem Aslam