GBP/USD - 4 Hourly

The pound is currently trading at ?1.2168 against the dollar. A slight symmetrical triangle has formed, but what will be the course of direction?

From a technical outlook, the pound is currently trading at £1.2169 against the dollar, It has formed a slight symmetrical triangle, and support sits at £1.2155 which corresponds with the lower trendline of the triangle. A break below this trendline could see a further decline in price towards support levels sat at £1.2115 and a key point at £1.2106. However towards the upside, if current support levels hold, resistance sits at £1.2186 then a key level at £1.2200. A move above £1.2200 may see the pound climb back up towards that £1.2270-£1.2300 price range. Looking at the indicators, MACD is currently neutral and so is RSi as it reads 47, although RSI is faltering.