GBPUSD TRIANGLE RESISTANCE HOLDS

The British pound has moved sharply lower against the US dollar during the European trading session, following a strong technical rejection from trendline resistance. The GBPUSD pair is now probing support from the well-defined triangle pattern across the lower time frames. A sustained breach of key trendline support could trigger losses towards the November trading low.

• The GBPUSD pair is strongly bearish while trading below the 1.2750 level, key technical support is found at the 1.2695 and 1.2662 levels.

• If the GBPUSD pair trades above the 1.2800 level, key resistance is now found at the 1.2830 and 1.2855 levels.