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Analysis of the GBP/USD price Rate: Approaches 1.3000 on Symmetrical Triangle Breaking

Drake Hampton

Apr 06, 2022 09:58

  • Bears have been spurred by the explosion of symmetrical triangle formation on the downside.

  • RSI, a momentum oscillator, has fallen to a negative range of 20.00-40.00.

  • The asset has entered negative territory following a bear cross of the 20- and 50-EMAs.

 

On Tuesday, the GBP/USD pair suffered a sharp sell-off after failing to hold above the monthly highs of 1.3150. The pair saw a precipitous decline, forcing the asset to establish below the round level support of 1.3100.

 

To an hourly basis, GBP/USD has busted the symmetrical triangle formation on the downside following a failed attempt to breach the pattern's upper boundary. The symmetrical triangle's upper boundary is established by the March 25 high of 1.3225, while the lower boundary is marked by the March 29 low of 1.3051. Typically, a failed symmetrical triangle breakout attempt signals widespread responsive selling and, finally, a bearish reversal.

 

The Relative Strength Index (RSI) has rapidly fallen into a bearish area of 20.00-40.00, enhancing the downside filters.

 

At 1.3120, a bear cross of the 20- and 50-period Exponential Moving Averages (EMA) injected new life into the greenback bulls.

 

If the asset falls below Tuesday's low of 1.3067, greenback bulls will be bolstered, and the pair might fall to the March 16 low of 1.3036, followed by psychological support at 1.3000.

 

On the other hand, a break above the 50-EMA at 1.3109 would bring the asset back to Tuesday's high of 1.3167. If the latter is breached, the asset will be pushed towards the round level resistance at 1.3200.

Hourly Chart of GBP/USD

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