GBP/USD: bullish "Wedge" pattern

GBP/USD: bullish "Wedge" pattern


The price is consolidating between the levels. Also, there's a bullish "Wedge" pattern, so the pair is likely going to test the nearest support at 1.3444 - 1.3404. If a pullback from this target happens, there'll be an opportunity to have an upward price movement in the direction of the next resistance at 1.3625 - 1.3681.


The 89 Moving Average has acted as support, so we could have a local upward correction. However, if the 34 MA acts as resistance, bears are likely going to reach another support at 1.3404 afterwards.



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Morning brief for May 30

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