Market News & Analysis

GBPUSD resists lower break attempts remains in ascending triangle pattern

Dec 31, 2018 | Forex News

The GBPUSD continues to maintain its consolidation trading in an ascending triangle pattern. On the short term buyers remained held back by 1.2700 and have defended seller attempts below 1.2628. Long-term price remains in a long-term downtrend but if buyers can maintain the current pattern we could see this consolidation become more to the accumulation side. If this continues we could see buyers make an attempt at the 1.2700 high. 

A retrace at the current point wouldn’t be a shock atm with liquidy low due to years end. Buyers should be watching for a new lower high that could suggest the current consolidation is going to maintain the longer term downtrend. Traders should be patient in these types of situations. 

GBPUSD daily chart.

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