GBP/USD: developing 'Falling Wedge' pattern

GBP/USD: developing 'Falling Wedge' pattern


There's a developing 'Falling Wedge' pattern, which is likely going to be continued because the 34 Moving Average has acted as resistance. The main intraday target is the next support at 1.2658 - 1.2634. Meanwhile, if a pullback from this area happens next, there'll be time for a bullish correction towards 1.2784 - 1.2826.


The pair is declining because of the last 'V-Top' pattern. However, we've got a local 'V-Bottom', which points to an option to have an upward price movement in the direction of the previously tested resistance at 1.2755 - 1.2779. The subsequent pullback from these levels could lead to another decline to the next support at 1.2671 - 1.2661.



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GBP/USD: levels to trade

GBP/USD has been consolidating between 1.30 and 1.2770 for the past month. The pair met resistance at the resistance line connecting October and November highs.

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