GBP/USD Price Analysis: Bulls attack 200-EMA at 1.3140

• Pound bulls seek a breakout of the symmetrical triangle at 1.3140 for a fresh impulsive wave.
• The asset has faced barricades near 200-EMA at 1.3135.
• The RSI (14) in a 40.00-60.00 range signals indecisiveness.

The GBP/USD pair is oscillating in a tight range of 1.3086-1.3146 amid a contraction in the volatility. The cable is unable to attract volumes in the absence of a potential trigger that could dictate the prices.

On an hourly scale, the cable is auctioning in a prolonged symmetrical triangle formation. The latter signals a squeeze in the volatility, volumes, and size of the ticks. Breakout of the same results in an expansion of volumes and larger-sized ticks. The upper boundary of the symmetrical triangle is placed from March 25 high at 1.3225 while the lower boundary is plotted from the March 15 low at 1.3001.

The asset has faced barricades around 200-period Exponential Moving Average (EMA) twice in Friday’s and Monday’s trading sessions. However, the 20-period EMA at 1.3115 is overlapping with the major.

Adding to that, the Relative Strength Index (RSI) (14) is oscillating in the 40.00-60.00 range, which signals indecisiveness for the asset.

Should the asset overstep the monthly highs at 1.3146, a bullish trigger will send the cable towards the March 30 high at 1.3183, followed by the March 25 high at 1.3225.

Breaking of the symmetrical triangle below the March 29 low at 1.3050 will drag the asset towards the March lows and 26 October 2020 high at 1.3000 and 1.2880 respectively.

GBP/USD hourly chart