GBP/USD: developing 'Rising Wedge' pattern

GBP/USD: developing 'Rising Wedge' pattern

24-12-2018-GBP-H4.png

There's a developing 'Rising Wedge' pattern. Considering a local 'V-Bottom' pattern, it's likely that the price is going to test the next resistance at 1.2695 - 1.2725 shortly. If a pullback from this level happens next, there'll be a moment for a decline towards the nearest support area at 1.2606 - 1.2588.

24-12-2018-GBP-H1.png

The pair is consolidating above the Moving Averages. Previously we had a 'V-Bottom' pattern, so we should watch the nearest resistance at 1.2695 - 1.2707 as an intraday target. The subsequent pullback from these levels could lead to a downward price movement towards another support at 1.2617 - 1.2606.

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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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