GBP/USD Rebounds and Tests Resistance at 1.2050 Within Rising Triangle, Upside Potential Limited

Posted Tuesday, March 7, 2023 by
Arslan Butt • 1 min read

If successful, the cable pair will overcome the past Wednesday’s swing high at 1.2090 and 1.2100 before reaching the two-week-old horizontal resistance level at 1.2145-50. However, if the lower line of the triangle, now approaching 1.2025, is breached, GBP/USD bears would need confirmation from the 200-HMA level at 1.2015 to sustain a downtrend.

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