GBP/USD: Building a rectangle on hourly charts
|The cable's recent subdued/range-bound price action now seemed to constitute the formation of a rectangle in the GBP/USD hourly charts, according to FXStreet’s analyst Haresh Menghani.
Key quotes
“The lower end of the trading range, around the 1.2315-10 region, coincides with 100-hour EMA and should now act as a key pivotal point for intraday traders.”
“A convincing breakthrough the 1.2315 support might prompt some aggressive selling and accelerate the slide back towards the weekly lows support, around the 1.2245-40 region.”
“Immediate resistance is pegged near mid-1.2400s and is followed by the recent swing highs, around the 1.2475-80 region.”
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