GBP/USD Price Analysis: Approaches towards 1.3000 on symmetrical triangle breaking

• Explode of symmetrical triangle formation on the downside has triggered bears.
• Momentum oscillator RSI (14) has dropped to a bearish range of 20.00-40.00.
• A bear cross of 20- and 50-EMAs has sent the asset into bearish territory.

The GBP/USD pair went through an intense sell-off on Tuesday after failing to sustain above the monthly highs at 1.3150. The pair witnessed a sheer downfall, which forced the asset to establish beneath the round level support of 1.3100.

On an hourly scale, GBP/USD has exploded the symmetrical triangle formation on the downside after a failed attempt on the upper boundary of the chart pattern. The upper boundary of the symmetrical triangle is placed from March 25 high at 1.3225 while the lower boundary is marked from March 29 low at 1.3051. Usually, a failed attempt at symmetrical triangle breakout denotes sheer responsive selling and eventually a bearish reversal.

The Relative Strength Index (RSI) (14) has slipped into a bearish range of 20.00-40.00 swiftly, which adds to the downside filters.

A bear cross of 20- and 50-period Exponential Moving Averages (EMA) at 1.3120 has infused fresh blood into the greenback bulls.

Should the asset drop below Tuesday’s low at 1.3067, greenback bulls will get strengthened and the pair may hit the downside to near March 16 low at 1.3036, followed by the psychological support at 1.3000.

On the flip side, overstepping of the 50-EMA at 1.3109 will send the asset towards Tuesday’s high at 1.3167. Breach of the latter will drive the asset towards the round level resistance at 1.3200.

GBP/USD hourly chart