GBP/USD consolidated during last few days, forming a triangle pattern on the 1H chart. The formation has 67% quality along with 46% magnitude in a 78-bar period.
The price recoiled after the pair had touched its nine-month high around 1.6300. SMA200 indicator's high matched with pair's rebound at 1.6197, after which pair decreased. The formation entered its final phase and a massive price impulse is expected. Short traders may focus their attention on the support level around 1.6133. If the price breaches this level, the first target for short traders could be around 1.6113.
The present bias of the pair remains neutral on all timeframes showing both sides' forces are equal. The Stochastic indicator moved deeply into the oversold area and is trying to rebound, which leads to a possible pair's recovery. Bulls may focus their attention on the 1.6150 resistance. If the price pierces this level, the initial target could be around 1.6168, where the previous local high lies.