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GBP/USD Triangle Breakdown Reaches First Fibonacci Extension

GBP/USD Triangle Breakdown Reaches First Fibonacci Extension

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

GBP/USD Triangle Breakdown Reaches First Fibonacci Extension

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-The last update noted that “GBP/USD has broken through the bottom of the triangle. As such, focus is lower towards 1.2612 (127.2% expansion of triangle width) and eventually the triangle objective at 1.2115. 1.2940/50 is resistance in the event of a relief rally.” 1.2612 has been reached but focus does remain lower towards the noted triangle objective. I’d keep the July low near 1.2800 in mind as a resistance level now.

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