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.



GBP/USD: another 'V-Top' pattern

The pair is going to test the nearest support at 1.2684 - 1.2661. In this case, we could have a new local low within the next few hours...


Latest news

GBP/USD: confirmed "Thorn" pattern

The last "Pennant" pattern has been broken, so bulls found resistance at 1.2915. Nevertheless, the market is likely going to move on, so we should...


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