Conclusion for today’s GBPUSD technical analysis:
A break above ~1.2720 implies an increase in bullish strength.
GBPUSD analysis for today is presented on its Daily timeframe with a closer look at chart patterns present, and their possible implication(s) for future price action.
A descending triangle chart pattern is used to best describe the meandering price action of the GBPUSD from June 15, 2015 to current date. The most recent test of the base of the triangle occurred on September 02, 2019 at ~1.2140. The descending triangle is ideally bearish and suggests price eventually exiting the pattern via its base and moving lower.
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The bearish implication of a descending triangle is not 100% foolproof and therefore definitely possible to get an upward exit (i.e. non-confirmation) from the triangle.
Also plotted on the chart for cable (GBPUSD) is a falling wedge chart that is used to capture price after a peak of 1.4377 was achieved on April 17, 2018. The pattern is ideally bullish and suggests an upward exit for the GPBUSD upon completion (confirmation) of the chart pattern.
The 50 and 200 daily moving averages also help provide additional perspective with price currently trapped in the middle of moving averages. Price trading currently above the 50 moving average argues for a bullish bias and movement over above the upper boundary of the wedge would provide more evidence for bullish strength.
Such a move would involve the 200 moving average giving way to higher prices. Minimum price target based on this GBPUSD analysis is the upper boundary of the descending triangle at ~1.3471.
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