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  • Trapped in a descending triangle, the GBP/USD pair is currently trading at 1.2770.
  • At press time, the triangle resistance is located 1.2809 and support is seen at 1.2725.
  • A break above 1.2809 would confirm a descending triangle breakout or bearish-to-bullish trend change. Essentially,   a close above 1.2809 would mean the sell-off from the Nov. 7 high of 1.3175 has likely ended at 1.2723 (Nov. 15 low) and the bulls have regained control.
  • A bull breakout, if confirmed, would open the doors to 1.30 (psychological hurdle).

Daily Chart

Trend: Bullish above 1.2809

GBP/USD

Overview:
       Today Last Price:  1.2771
       Today Daily change:  28  pips
       Today Daily change %:  0.220%
       Today Daily Open:  1.2743
Trends:
       Previous Daily SMA20:  1.2887
       Previous Daily SMA50:  1.2969
       Previous Daily SMA100:  1.2977
       Previous Daily SMA200:  1.3317
Levels:
       Previous Daily High:  1.281
       Previous Daily Low:  1.2735
       Previous Weekly High:  1.2864
       Previous Weekly Low:  1.2725
       Previous Monthly High:  1.3176
       Previous Monthly Low:  1.2723
       Previous Daily Fibonacci 38.2%:  1.2764
       Previous Daily Fibonacci 61.8%:  1.2781
       Previous Daily Pivot Point S1:  1.2715
       Previous Daily Pivot Point S2:  1.2688
       Previous Daily Pivot Point S3:  1.264
       Previous Daily Pivot Point R1:  1.279
       Previous Daily Pivot Point R2:  1.2837
       Previous Daily Pivot Point R3:  1.2865