• Barring an intraday spike on Monday, the pair has been struggling to make it through 200-hour SMA and remained confined in a broader trading range around the 1.3200 handle.
• The range-bound price action over the past 24-hours or so constituted to the formation of a rectangle on the 1-hourly chart, indicating a brief pause in the trend - bullish in this case.
• Usually considered as a continuation pattern, a rectangle can also mark trend significant tops and thus, warrant caution amid neutral technical indicators on hourly/daily charts.
• Hence, it would be prudent to wait for a sustained break through the mentioned trading range before traders start positioning for the pair's next leg of a directional move.
GBP/USD 1-hourly chart
|Today last price||1.3182|
|Today Daily Change||-0.0016|
|Today Daily Change %||-0.12|
|Today daily open||1.3198|
|Previous Daily High||1.3247|
|Previous Daily Low||1.316|
|Previous Weekly High||1.3312|
|Previous Weekly Low||1.3003|
|Previous Monthly High||1.3351|
|Previous Monthly Low||1.2773|
|Daily Fibonacci 38.2%||1.3193|
|Daily Fibonacci 61.8%||1.3213|
|Daily Pivot Point S1||1.3157|
|Daily Pivot Point S2||1.3115|
|Daily Pivot Point S3||1.307|
|Daily Pivot Point R1||1.3243|
|Daily Pivot Point R2||1.3288|
|Daily Pivot Point R3||1.333|
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