GBPUSD Faces Further Decline After Breaking Under The Symmetrical Triangle

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As shown on the 4-hour chart below. The GBPUSD pair breaks below the rising support of the Symmetrical Triangle. Suggesting further weakness in the upcoming hours. Immediate support comes around 1.2406 levels. I think this level needs to be broken to avoid false breakouts. If seen support comes at 1.2345 levels. Next support comes at 1.2285 levels ahead of 1.2250 levels.

On the upside, resistance comes at 1.2447 levels. Above that level sees a limited recovery to 1.2515/1.2550 levels where another fall is likely.

In conclusion: The GBPUSD still faces downside pressure below 1.2515/1.2550 levels…

GBPUSD Breaks Below The Symmetrical Triangle Faces Further Bearishness

MARKET DATA

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