Friday ended with the Cable edging moderately higher, amid the disappointment brought by the US NFP data. The rally caused another confirmation of the two-week down-trend, which now acts as the resistance line of a triangle pattern. This pattern is nearing its apex, with a breakout to occur by mid-Tuesday. The lower border of the triangle is much stronger, as it is a support line of a much larger pattern—the broadening rising wedge. Moreover, it is supported by a larger number of significant levels than the down-trend. Technical indicators are also in favour of the bullish scenario, thus, the GBP/USD pair is likely to take another shot at climbing over the 1.29 mark this week and pierce the resistance around that area, which is represented by the monthly pivot point.
