The GBP/USD has been unfolding lower in an expanding triangle visible on the daily chart. The recent up-leg has encountered resistance from the upper boundary line at the current 1.5645 highs. From here there is a possibility of a pull-back to 1.5615. A decisive break below 1.5590 would be required to erode the bullish position, with downside target at 1.5450. The pair could also push higher, with a move above 1.5721 undermining bearish bets and targeting 1.5750 first and then 1.5900.
Written by Forex4you