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 pound-to-dollar exchange rate had a sharp decline on Tuesday after failing to maintain its position above the monthly highs of 1.3150. The pair saw a precipitous decline, which drove the asset to establish itself below the round level support of 1.3100 in the process.

To an hourly basis, the pound/dollar has busted the symmetrical triangular formation on the downside, after a failed effort to break through the upper border of the chart pattern on the previous day. When measuring the upper boundary of the symmetrical triangle, use the high point on March 25 at 1.3225, while the lower boundary is measured from the low point on March 29 at 1.3051. Typically, a failed effort at a symmetrical triangle breakout signals a period of intense response selling that culminates in a bearish reversal.

The Relative Strength Index (RSI) (14) has fallen quickly into a negative range of 20.00-40.00, which has increased the number of downward filters available.

Bearish crossovers of the 20-period and 50-period Exponential Moving Averages (EMAs) around 1.3120 have injected new life into the greenback bulls' ranks.

If the asset falls below Tuesday's low of 1.3067, greenback bulls will be bolstered, and the pair may fall to a level around the March 16 low of 1.3036, followed by the psychological support level of 1.30000.

On the other hand, a break over the 50-day exponential moving average (EMA) at 1.3109 will drive the asset towards Tuesday's high of 1.3167. If the latter is breached, the asset will be pushed towards the round level resistance at 1.3200.

GBP/USD hourly chart