Sasha Singh
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GBPUSD : Consolidating Within Symmetrical Triangle, Support at 1.6229 in Focus

GBPUSD : Hourly Chart

US dollar currency pairs today are not showing a major move today after the Key US Retail Sales data. Seems like the investors are waiting for the Consumer Sentiment Report. Let’s focus on the pair GBPUSD. The pair seems consolidating within a symmetrical triangle on the hourly chart and might decline or surge from the support or resistance trend line of the chart.

A report from U.K. showed that the construction output was flat in July compared to the expectations for an increase of .7% after an increase of 1.2%.

GBPUSD : 4 Hour Chart

On the 4 hour chart, we can see that the pair is currently testing the key support at 1.6231. If the pair is able to hold the gains above this support trend line it might break above the falling resistance trend line and surge. However 50 day SMA might prevent the pair rising above itself. If the pair declines below the rising support trend line the nearest support it may find are at 1.6181 or 1.6083.