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.




Morning brief for May 30

 Growing concerns over Greek bailout, early elections in Italy and comments by the ECB President Mario Draghi about the need to maintain the bank’s extraordinary amount of monetary policy support…

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