Sterling is still vulnerable to a downside move, and is trading below 1.3100

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  • The bullish breakout of the triangle pattern is currently failing.
  • The level that the bears have to cross is the 1.3060 level.

GBP/USD daily chart

The ascending triangle pattern is currently failing to break below 1.3100. Spot price is testing the 50-day simple moving average (SMA).

Sterling is still vulnerable to a downside move, and is trading below 1.3100

GBP/USD 4 hour chart

The British pound is weakening below the 1.3100 level. The market is challenging the 1.3060 and SMA 50 and 100 supports. A decisive break below this level may lead to a downside extension towards the 1.3019 and 1.2965 support levels, according to the Technical Confluences Indicator.

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