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GBPUSD Technical Analysis: Daily Timeframe Chart Patterns

Conclusion for today’s GBPUSD analysis:

Price closing above ~1.3011 implies higher prices in cable (GBPUSD).

GBPUSD analysis for today is carried out on its Daily timeframe with main focus on price action since April 12, 2018 till current date. The January 26, 2018 top in cable along with the April 12, 2018 top produced a double top formation (ideally bearish) that confirmed on May 01, 2018.

The April 12, 2018 peak in price also is used in this analysis as part of the pivots used to connect the upper boundary of a bearish channel. A symmetrical triangle is also plotted on the chart that is used to provide context for price action since August 15, 2018.

Last but not the least is the 200 day moving average in the GBPUSD which currently has a flat slope, but price action trading above it.

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This implies a bullish bias and also adding or supporting the notion of bullish sentiment in the GBPUSD. This is also supported by price closing above the upper boundary of the bearish channel that lasted over 17 months.

Any bullish momentum in the cable is expected to meet with resistance at the upper boundary of the symmetrical triangle which is ~1.3514. On the other hand, price overlapping ~1.2421 reduces the chances of bullish momentu following through and instead selling off.

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