“¢ The pair continued with its struggle to sustain above the 1.3100 handle and has repeatedly faced rejection near a resistance marked by five-week-old descending trend-line.
“¢ Given the recent resilience near the 1.2970 support zone, the mentioned trend-line now seemed to constitute towards the formation of a descending triangle on the daily chart.
“¢ The mentioned support coincides with the very important 200-day SMA and hence, should continue to act as a key pivotal point for the pair’s next leg of a directional move.
“¢ Bullish technical indicators on hourly charts support prospects for additional gains, though neutral oscillators on the daily chart warrant caution before placing any aggressive bets.
“¢ Hence, it would be prudent to wait for a convincing break through the trend-line resistance before positioning for a further near-term appreciating move towards the 1.3200 handle.
GBP/USD daily chart
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