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GBP/USD Price Analysis: Dollar Bulls Defend the 20-EMA, with 1.3000 in Sight

Drake Hampton

Apr 07, 2022 10:16

  • Failure to break above the 20-EMA will exacerbate the suffering for sterling bulls.

  • The RSI has fallen below 40.00, indicating that there is no hint of divergence and an oversold condition.

  • A location beneath the symmetrical triangle will generate substantial proposals for the cable.

 

After three tumultuous trading days in April, the GBP/USD pair has sensed selling pressure to roughly 1.3167. The pound bulls have been stymied by the 20-period Exponential Moving Average (EMA) around 1.3095.

 

On a four-hour time scale, the cable has settled itself comfortably beneath the symmetrical triangular formation. This will result in significant volume growth for the asset in the future. The chart pattern's top boundary is represented by the March 25 high of 1.3225, while the lower boundary is marked by the March 15 low of 1.3000.

 

 

At 1.3114, the 50-EMA is scaling lower, adding to the downside filters. Additionally, the Relative Strength Index (RSI) (14) has fallen below 40.00, indicating that additional suffering is imminent. The RSI is not indicating divergence or an oversold condition.

 

A break below Tuesday's low of 1.3067 will bolster greenback bulls, and the pair may fall to the March 16 low of 1.3036, followed by psychological support around 1.3000.

 

On the other hand, the asset will march toward Tuesday's high of 1.3167 after breaching the 50-EMA at 1.3114. If the latter is breached, the asset will be pushed towards the round level resistance at 1.3200.

Four-hour chart of the GBP/USD

  image.png

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