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20 Jul 2020

GBP/USD Price Analysis: Symmetrical triangle breakout eyes 1.2665-70 supply zone

  • GBP/USD catches aggressive bids and rebounds swiftly from levels ahead of the 1.2500 mark.
  • Sustained move beyond a symmetrical triangle was seen as a fresh trigger for bullish traders.
  • The stage seems all set for a move towards 1.2665-70 supply zone en-route the 1.2700 level.

The GBP/USD pair continued gaining strong positive traction through the mid-European session and jumped to three-day tops, around the 1.2635-40 region in the last hour.

The early downtick attracted some dip-buying near an important confluence region, comprising of the 38.2% Fibonacci level of the 1.2252-1.2670 positive move and a multi-day-old ascending trend-line. The mentioned trend-line constituted the formation of a symmetrical triangle.

A sustained move beyond the triangle resistance was seen as a fresh trigger for intraday bulls. This, in turn, prompted some short-covering move and was seen as one of the key factors behind the pair's latest leg of a sudden spike witnessed over the past hour or so.

Meanwhile, oscillators on the daily chart maintained their bullish bias and have again started gaining positive traction on the 4-hourly chart. The set-up supports prospects for additional gains, albeit overbought conditions on the 1-hourly chart warrant some caution.

Nevertheless, a convincing breakthrough the triangle might have already set the stage for a move towards the 1.2665-70 supply zone. Some follow-through buying has the potential to lift the pair further beyond the 1.2700 mark, towards retesting June daily closing highs, around mid-1.2745 region.

On the flip side, any meaningful pullback below the 1.2600 mark might now seem to find some support near the 23.6% Fibo. level, around the 1.2570 region, below which the pair might slip back towards testing the triangle support, currently near the 1.2520 area.

GBP/USD 4-hourly chart

fxsoriginal

Technical levels to watch

 

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