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The GBP/USD pair is moving sideways in the short term. It's trapped within a minor triangle pattern. Escaping from this formation could bring a clear direction. It's trading at 1.3059 at the time of writing above the 1.3050 key level.
The downside pressure remains high as the Dollar Index remains bullish. The greenback received a helping hand from the US data. Industrial Production rose by 0.9% in March versus 0.4% expected, Capacity Utilization Rate was reported higher at 78.3% versus 77.8% forecasts, while the Empire State Manufacturing Index came in at 24.6 points above 0.9 estimates.
As you can see on the H4 chart, the GBP/USD pair rallied after registering only false breakdowns below 1.3. The British Pound was strongly bullish after the UK inflation came in higher than expected.
The pair is trapped within a down-channel pattern. GBP/USD failed to stabilize above the ascending pitchfork median line (ML) which is seen as a dynamic resistance. 1.3050 former low represents static support.
As long as it stays under the median line (ML) and below the downtrend line, GBP/USD could drop deeper anytime. In the short term, registering a valid breakdown from the minor triangle, dropping and stabilizing below 1.3050 could open the door for more declines. This scenario could help the sellers to catch a new sell-off towards 1.3.
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