FX.co - GBP/USD update for September 02, 2022 - Potential for the downside breakout

2 September 2022 at 8:29AM (UTC+0)

Relevance until3 September 2022 at 8:29AM (UTC+0)

Technical analysis:

GBP/USD update for September 02, 2022 - Potential for the downside breakout

GBP/USD has been trading upside but there is still downside trend in the background and potential for the downside continuation.

Trading recommendation:

Watch for potential breakout of the triangle pattern to confirm further drop.

Watch for selling opportunities below the price of 1.1530 with the downside objectives at 1.1500 and 1.1440.

MACD oscillator is showing still negative reading with no big sing for the reversal.

Key resistance is set at the price of 1.1600

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade

Analytical expert

Petar Jacimovic

FX.co ★ GBP/USD update for September 02, 2022 - Potential for the downside breakout