GBP/USD 1H Chart: Descending Triangle

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Following the "Flash Crash" of October 6, the Pound did not truely recover, and maintained the gloomy themes in a descending channel. GBP/USD just tapped the upper trend-line of the triangle at 1.2248 and is currently being squeezed against it by the 200-hour SMA at 1.2213. With several other SMAs collectively working against the dive, the pair will face some levels able to steal bearish momentum at 1.2198/2190, 1.2183 and 1.2176. Eventually we will be looking for a break below the triangle support at 1.2109 with further risk at 1.2070 and 1.1994 respectively. A less likely upside breakout would lead to tests of 1.2278/83 – which is also a reasonable level to trigger a retracement of the broken trend-line.
© Dukascopy Bank SA
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