The sterling traded at its lowest level in five days against the dollar

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  • The bullish breakout of the triangle pattern fails.
  • The level that sellers have to break is 1.2973.

GBP/USD daily chart

The breakout from the triangle formation appears to be failing below 1.3100. The spot price has broken below the 50-day simple moving average (SMA) and the uptrend line is approaching.

 The sterling traded at its lowest level in five days against the dollar

GBP/USD 4 hour chart

Sterling is challenging session lows while below the main simple moving averages on the 4-hour chart. In the last four sessions, the Bears took the lead. The odds are tilting to the downside and the GBP/USD pair could reach 1.2973, 1.2932 and 1.2900. Resistance appears near the 1.3030, 1.3067, 1.3094 and 1.3135 levels, according to the Technical Confluences Indicator.

  The sterling traded at its lowest level in five days against the dollar

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