GBP/USD: bears broke the 'Rising Wedge'

GBP/USD: bears broke the 'Rising Wedge'

2019-11-11 • Updated

27-12-2018-GBP-H4.png

The lower side of the 'Rising Wedge' pattern has been broken, so the pair is likely going to test the nearest support at 1.2606 - 1.2588. Meanwhile, if a pullback from this area happens next, there'll be a moment to have another upward price movement towards the next resistance at 1.2658 - 1.2695.

27-12-2018-GBP-H1.png

There's a local 'V-Bottom' pattern, so the pair is moving up. The main intraday target is the closest resistance at 1.2681. At the same time, a pullback from this level could lead to a bearish price movement in the direction of the previously tested support at 1.2617 - 1.2606.

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