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The bulls attack the 200 EMA at 1.3140

  • Pound bulls are looking for a break of the symmetrical triangle at 1.3140 for further upside momentum.
  • GBP/USD has been facing resistance near the 200 EMA at 1.3135.
  • The RSI (14) in a range between 40-60 indicates indecision.

The GBP/USD pair is trading in a tight range between 1.3086 and 1.3146 amid tightening volatility. The pair is unable to attract volumes in the absence of a possible catalyst to move the price.

On the 1 hour chart, GBP/USD is trading in a symmetrical triangle pattern. This indicates a decrease in volatility, volumes and price movement. The pattern breakout results in expanding volume and larger candle sizes. The upper bound of the symmetrical triangle is drawn from the March 25 high at 1.3225 while the lower bound is drawn from the March 15 low of 1.3001.

GBP/USD has faced resistance around the 200 EMA twice in the trading sessions on Friday and Monday.

Also, the RSI (14) is oscillating in the 40-60 range, which indicates indecision for the pair.

Should GBP/USD break above the monthly highs at 1.3146, a bullish push will send the pair towards the March 30 high of 1.3183, followed by the March 25 high of 1.3225.

The break of the symmetrical triangle below the Mar 29 low at 1.3050 will drag the pair towards the March lows and the Oct 26, 2020 high at 1.3000 and 1.2880 respectively.

GBP/USD 1 hour chart

GBP/USD technical levels

Source: Fx Street

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