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.”