RSI, MACD indicate GBP/USD buyers’ exhaustion. A breakdown below support-line will confirm bearish formation. Seller may look for 100-HMA, 1-week old rising trend-line on fresh downpour. Considering the pair’s moves since Thursday, GBP/USD forms a rising wedge technical pattern on the hourly (H1) chart as it trades near 1.2270 while heading into the UK open on Monday. Not only the price pattern lower highs but 14-bar relative strength index (RSI) and 12-bar moving average convergence and divergence (MACD) also indicate buyers’ exhaustion. As a result, sellers await entry as soon the quote slips below 1.2260 while targeting 1.2184/83 horizontal-line including 100-hour moving average (HMA) and August 20 high during further declines. In a case where bears dominate below 1.2183, short-term rising trend-line near 1.2150 may gain market attention. On the contrary, 1.2295 and formation resistance of 1.2305 could limit the pair’s immediate advances, a break of which might escalate the run-up towards July 17 low close to 1.2380. GBP/USD hourly chart Trend: Pullback expected 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 Bank Indonesia’s Warjiyo: Central bank’s stance is now “pro-growth” from pro-stability – IDR at weekly lows FX Street 4 years RSI, MACD indicate GBP/USD buyers' exhaustion. A breakdown below support-line will confirm bearish formation. Seller may look for 100-HMA, 1-week old rising trend-line on fresh downpour. Considering the pair's moves since Thursday, GBP/USD forms a rising wedge technical pattern on the hourly (H1) chart as it trades near 1.2270 while heading into the UK open on Monday. Not only the price pattern lower highs but 14-bar relative strength index (RSI) and 12-bar moving average convergence and divergence (MACD) also indicate buyers' exhaustion. As a result, sellers await entry as soon the quote slips below 1.2260 while targeting 1.2184/83 horizontal-line including… 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.
