Gbp/usd Technicals

Gbp/usd Technicals


Quotes from RBC Capital Markets:
-GBP/USD has traced out a consolidative rectangle pattern defined by a quintuple top at 1.5726 and a double bottom at 1.5406. This week's rejection of the top of the pattern (which is just below the 200-day moving average at 1.5735) has exposed support at 1.5459 and 1.5406, with a break below the latter level required for a bearish resolution of the pattern (would target 1.5270). Although initial resistance is located at 1.5552, the quintuple top at 1.5726 will have to give way inorder to nullify our bearish stance.


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