GBP/USD Price Analysis: A breakout of triangle looks likely amid positive market impulse

GBP/USD is hovering near the edge of the Symmetrical Triangle pattern for a breakout.
Economic events such as the US Inflation and the UK employment data might keep Cable volatile.
The RSI (14) is oscillating in the bullish range of 60.00-80.00, which indicates that the upside momentum is already active.

Sagar Dua FXStreet

The GBP/USD pair has refreshed its day’s high above the critical resistance of 1.2150 in the Asian session. The Cable has picked strength amid the improved risk appetite of investors after they digested the United States inflation-inspired anxiety.

S&P500 futures are displaying a subdued performance after a bullish Monday, portraying a minor caution amid overall positive sentiment. The US Dollar Index (DXY) has further dropped below 102.85, showing a sheer decline in the safe-haven’s appeal. The Pound Sterling will display a power-pack action after the release of the United Kingdom employment data.

GBP/USD is hovering near the edge of the Symmetrical Triangle chart pattern formed on an hourly scale. The upward-sloping trendline of the aforementioned chart pattern is placed from February 7 low at 1.1961 while the downward-sloping trendline is plotted from February 3 high at 1.2264.

Advancing 20-period Exponential Moving Average (EMA) at 1.2118, adds to the upside filters.

The Relative Strength Index (RSI) (14) is oscillating in the bullish range of 60.00-80.00, which indicates that the upside momentum is already active.

A confident breakout of the Symmetrical Triangle above February 9 high at 1.2192 will trigger the volatility expansion, which will drive the asset toward February 3 high at 1.2264. A breach of the latter will expose the asset to the round-level resistance of 1.2300.

On the contrary, a decline in the Cable below February 9 low at 1.2057 will drag the asset toward January 3 low at 1.1900 followed by horizontal support placed from January 6 low around 1.1841.

GBP/USD hourly chart

GBP/USD

Overview
Today last price	1.215
Today Daily Change	0.0012
Today Daily Change %	0.10
Today daily open	1.2138

Trends
Daily SMA20	1.2254
Daily SMA50	1.2186
Daily SMA100	1.1859
Daily SMA200	1.1944

Levels
Previous Daily High	1.2152
Previous Daily Low	1.2031
Previous Weekly High	1.2194
Previous Weekly Low	1.1961
Previous Monthly High	1.2448
Previous Monthly Low	1.1841
Daily Fibonacci 38.2%	1.2106
Daily Fibonacci 61.8%	1.2077
Daily Pivot Point S1	1.2062
Daily Pivot Point S2	1.1986
Daily Pivot Point S3	1.1941
Daily Pivot Point R1	1.2183
Daily Pivot Point R2	1.2228
Daily Pivot Point R3	1.2304

Author

Sagar Dua

FXStreet

Sagar Dua is associated with the financial markets from his college days. Along with pursuing post-graduation in Commerce in 2014, he started his markets training with chart analysis.

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