GBP/USD is dipping below the bullish ascending triangle. The breakdown is yet to be confirmed, but upside momentum on the four-hour charge is already fading.
The resistance zone of 1.3390/1.3400 continued to hold on Thursday and Friday as price remains in consolidation mode. The resistance resistance caused a breaking of the supporting ascending trend line.
By the middle of Friday's trading hours, the currency exchange rate had retreated below the support of technical levels that were located from 1.334 to 1.336
In the near-term future, the rate is expected to test the support of the 1.33 level.
If breakout below 1.33 round figure mark is seen, the trend reversal from MACD bearish divergence on the 4-hour chart is confirmed. This would probably ignite an impulsive downside push back towards 1.320 region mark.
Support awaits at 1.3320, which was a double-top. In the case of these support levels holding, the price would retrace up and test the 1.334 resistance levels.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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