GBP/USD: Doable descending triangle will almost definitely be forming with strengthen at 1.1920 ranges – OCBC

GBP/USD consolidated last week. Economists at OCBC grunt that a switch beneath the 1.1920 put might possibly verify a descending triangle, opening up subsequent strengthen ranges at 1.1840 and 1.1720.

Descending triangle?

“Day after day momentum and RSI indicators are no longer showing a clear bias. But on the weekly chart, bullish momentum is fading.”

“On designate action, a possible descending triangle will almost definitely be forming with strengthen at 1.1920 ranges (200-DMA, triangle strengthen). A decisive rupture to the downside might possibly fuel more downward stress. Next strengthen at 1.1840, 1.1720 ranges.” 

“Resistance at 1.2040 (21-DMA), 1.2140 (50-DMA).”

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