GBP/USD consolidates the corrective bounce amid USD pullback. Teasing a symmetrical triangle breakout on the hourly chart Hourly RSI points north in the bullish territory. GBP/USD turned positive for the first time in five days on Thursday, having bounced once again to near 1.2780 region on the US dollar’s retreat across its main competitors. The improvement in the sentiment on Wall Street amid solid US New Home Sales data tempered the demand for safe-havens such as the greenback. At the time of writing, the cable is consolidating the previous corrective bounce around 1.2750, awaiting a fresh impetus for a sustained move above 1.2780. Technically, the price is ranging in a symmetrical triangle formation on the hourly chart since Tuesday. The bulls are now eyeing to clear the falling trendline resistance at 1.2769 to confirm a bullish breakout, which could add legs to the correction move higher, with the pattern target at 1.2912 on the buyers’ radars. The bullish crossover between the 21-hourly Simple Moving Average (HMA) and 50-HMA also backs the case for the further upside while the hourly Relative Strength Index (RSI) points north above the midline. Alternatively, the immediate downside is capped by the 21-HMA at 1.2744, below which the horizontal 50-HMA support at 1.2732 will come into play. The rising trendline support at 1.2705 is the level to beat for the bears. GBP/USD: Hourly chart GBP/USD: Additional levels FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next USD/CAD Price Analysis: Thursday’s low offers support FX Street 2 years GBP/USD consolidates the corrective bounce amid USD pullback. Teasing a symmetrical triangle breakout on the hourly chart Hourly RSI points north in the bullish territory. GBP/USD turned positive for the first time in five days on Thursday, having bounced once again to near 1.2780 region on the US dollar’s retreat across its main competitors. The improvement in the sentiment on Wall Street amid solid US New Home Sales data tempered the demand for safe-havens such as the greenback. At the time of writing, the cable is consolidating the previous corrective bounce around 1.2750, awaiting a fresh impetus for a sustained… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.