The pound has now broken through the support trendline of the triangle, or respectively, £1.2591. The following key level of support now sits at £1.2487.

Taking a look at the pound versus the dollar forex pair, we can see that the pound has now broken through the support trendline of the triangle, or respectively, £1.2591. Currently, the forex pair is trading around £1.2545. The following key level of support now sits along the green trendline, which reads £1.2487, a break below this point may see the forex pair slide lower towards £1.2370-£1.2400. It would be unreliable to look at any upside resistance, for the time being, as the bias has now returned to a bearish outlook. However, if there is any consolidation around the current level or along the green trendline, then an opportunity for a short-term bounce may appear. The MACD on the daily timeframe has been a little mixed over the course of last week, lacking clarity. However, it has just turned negative once again. The RSI is also faltering further now as it reads 36.