GBP/USD: developing 'Rising Wedge' pattern

GBP/USD: developing 'Rising Wedge' pattern


There's a developing 'Rising Wedge' pattern. It's likely that the market is going to test the next resistance at 1.3172 - 1.3216 soon. If a pullback from this area happens next, there'll be a moment to have a bearish correction towards the nearest support at 1.3123 - 1.3102.


The market is consolidating above the Moving Averages. It's likely that the pair is going to reach another resistance at 1.3172 - 1.3216 within the next few hours. This area could be a starting point for a decline in the direction of the Moving Averages.



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