FX.co - GBP/USD analysis for August 29, 2023 - Breakout of the triangle to the upside

2023-08-29T07:07:20

Relevance until2023-08-30

Technical analysis:

GBP/USD analysis for August 29, 2023 - Breakout of the triangle to the upside

GBP/USD has been trading upside in the background and I found breakout of the triangle pattern, which is good sign for the further upside movement.

Due to the breakout of the triangle pattern and the momentum increase, I see potential for the further growth towards upside references.

Upside objectives are set at the price of 1.2650 and 1.2715

MACD oscillator is showing upside momentum with no signs for the reversal....

Intraday support is set at the price of 1.2600

*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 analysis for August 29, 2023 - Breakout of the triangle to the upside