GBP/USD Technical Analysis – Consolidation Could Soon End

GBPUSD Technical Analysis

GBPUSD Technical Analysis

 

 

  • GBB/USD price has been consolidating inside a triangle, inside a long term range
  • A price breakout to the upside could see price reaching the upper range line
  • RSI bullish divergence increases the probability for upside move.

 

 

The price of GBP/USD has been consolidating in a even narrowing range inside what appears to be a symmetrical triangle.

 

Meanwhile, all this price action is contained within a larger range. Price could broke to the downside and through the longer range bottom line or could to the upside. In the upside scenario, GBP/USD price could reach the upper line of the long term range(blue line).

 

The relative strength index (RSI) divergence could mean that further downside probabilities are narrowing, but until price action confirms that, the bulls should wait for the final confirmation.

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