GBPUSD TRIANGLE BREAK LOOMS
The British pound continues to trade at the lower end of its trading range against the US dollar on Monday, with price currently consolidating inside a neutral triangle pattern as traders await the next directional break in the GBPUSD pair. Buyers will likely attempt to break the triangle top and test the 1.2800 level, while sellers will likely test the 1.2700 support level if the triangle is broken to the downside.
The GBPUSD pair is strongly intraday bearish while trading below the 1.2800 level, key support is found at the 1.2740 and 1.2700 levels.
If the GBPUSD pair moves above the 1.2800 level, key intraday resistance is found at the 1.2850 and 1.2870 levels.