GBP/USD 4H Chart: Triangle

The Cable successfully confirmed the upper boundary of the triangle pattern, meaning that a rally is now the most obvious scenario for this currency pair. The positive case is also supported by the fact the Sterling crossed a number of important resistances including simple moving averages on all time frames and the monthly pivot point at 1.5563. Despite technical studies giving signals to acquire the Pound, the near term intentions of bulls are going to be tested by the monthly R1 at 1.5797. After violating this level, the next bullish target will be placed at 1.5925 (Jun high), followed by the monthly R2 at 1.5969. Meanwhile, market sentiment is broadly neutral at the moment.