GBP/USD: “Triangle” transformed into “Wedge”
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The last “Triangle” has been transformed into a downward “Wedge”. So, bulls are likely going to test a resistance at 1.2522 – 1.2557 in the short term. However, if a pullback from these levels happens, bears will probably try to test the 34 Moving Average.
All Moving Averages have been broken. Also, we’ve got a bullish “Pennant” pattern, so the price is likely going to reach the nearest resistance at 1.2522 – 1.2537. At the same time, if we see a pullback from this area, there’ll be an option of have another decline in the direction of a support at 1.2477 – 1.2469.