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GBP/USD Triangle Breakdown

GBP/USD Triangle Breakdown

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

GBP/USD Triangle Breakdown

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-The most recent update noted that “the triangle support line is just under the market and should be watched for support. Failure to hold would shift focus to 1.2612 (127.2% expansion of triangle width).” GBP/USD has broken through the bottom of the triangle. As such, focus is lower towards the mentioned 1.2612 and eventually the triangle objective at 1.2115. 1.2940/50 is resistance in the event of re-test of a relief rally.

For more analysis and trade setups (exact entry and exit), visit SB Trade Desk

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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