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GBP/USD Price Analysis: Pound remains vulnerable to the downside, trading sub-1.3100 figure

  • The bullish breakout from the triangle pattern is currently failing. 
  • The level to beat for bears is the 1.3060 level.

 

GBP/USD daily chart 

The bullish triangle breakout pattern is currently failing below the 1.3100 figure. The spot is testing the 50-day simple moving average (SMA).  
 

GBP/USD four-hour chart

 
The pound is weakening below the 1.3100 figure. The market is challenging the 1.3060 support and the 50 and 100 SMAs. A decisive break below this level could lead to a bearish extension towards 1.3019 and 1.2965 support levels, according to the Technical Confluences Indicator.  
  

Additional key levels

 

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